Ethereum has been experiencing a difficult time trying to break above the $2,600 resistance zone. Despite starting a recovery wave from the $2,400 mark, ETH is struggling to gain momentum in order to make a significant move above this crucial level.
One positive aspect is the break above a key bearish trend line with resistance at $2,550 on the hourly chart of ETH/USD. This signals a potential shift in momentum, but the price is still trading below $2,550 and the 100-hourly Simple Moving Average.
The current resistance levels for Ethereum are at $2,600, $2,660, and $2,720. A close above $2,600 could pave the way for a further upward move towards these resistance levels. On the downside, initial support is found near $2,500, with a major support zone around $2,485. A break below this level could lead to a decline towards $2,420, with the next key support at $2,320 followed by $2,250.
The hourly MACD for ETH/USD is showing signs of losing momentum in the bullish zone, indicating a potential downturn in price. The hourly RSI, on the other hand, has now dropped below the 50 zone, further adding to the bearish sentiment in the market.
Ethereum is facing significant challenges in its price recovery journey. The inability to break above key resistance levels and the presence of bearish technical indicators are posing obstacles for ETH bulls. Traders and investors should closely monitor the price action and key levels to make informed decisions in this volatile market environment.
Leave a Reply