Recently, Ethereum price has started a recovery wave above the $2,350 resistance zone. This recovery wave has been a positive sign for ETH holders who have been eagerly waiting for a bullish momentum. The price has managed to climb above key levels such as $2,420 and $2,440, indicating a possible upward trend in the near future.
Despite the recovery wave, Ethereum is still facing some major resistance levels. The price is currently trading below $2,640 and the 100-hourly Simple Moving Average, which might act as barriers for further upward movement. The $2,680 resistance zone is a crucial level that ETH needs to clear in order to gain bullish momentum and continue its upward trend.
The MACD for ETH/USD is currently gaining momentum in the bullish zone, indicating a positive outlook for Ethereum price in the short term. The RSI for ETH/USD is also above the 50 zone, suggesting that the bulls might have the upper hand in the current scenario.
On the downside, if Ethereum fails to clear the $2,540 resistance level, it could face another decline in the near term. The initial support is near $2,440 and the trend line zone, followed by a major support level at $2,365. A clear move below $2,365 might push the price towards $2,250, with further losses potential leading to a drop to the $2,120 support level.
Looking ahead, if Ethereum manages to break above the $2,680 resistance zone, it could pave the way for further gains. The next major hurdles for the price are at the $2,720 and $2,860 levels, followed by a key resistance level at $2,920. A breakout above $2,920 might even push the price towards the $3,000 resistance zone in the near future.
While the recent recovery wave in Ethereum price is a positive sign for investors and traders, there are still some key resistance levels that ETH needs to overcome in order to continue its upward trend. Technical indicators are showing bullish momentum, but the support levels should also be closely monitored to avoid any potential downside risks.
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