Ethereum is currently consolidating above the $2,500 level, suggesting that the cryptocurrency could gain momentum if it surpasses the $2,700 resistance point.
Recently, Ethereum experienced a decline, dropping below the $2,650 mark. The price is now trading under $2,680, as well as beneath the 100-hourly Simple Moving Average. A bearish trend line is emerging with resistance around $2,690 on the hourly chart of ETH/USD, according to Kraken's data feed.
If the cryptocurrency manages to stabilize above $2,700 and $2,735, a notable upward movement could commence.
Ethereum's price has recently witnessed a decline beneath the $2,800 support zone, mirroring the movement seen in Bitcoin. The descent continued through the $2,750 and $2,700 levels, placing Ethereum in a short-term bearish phase. The price dipped to test the 50% Fibonacci retracement level, reaching from the $2,125 low to the $2,922 high. Support was eventually found near the $2,500 mark, allowing Ethereum to consolidate and establish a base above this threshold.
Currently, Ethereum is trading below $2,680 and the 100-hourly Simple Moving Average, forming a bearish trend line with resistance identified at $2,690 in the hourly ETH/USD chart. Upward progress is challenged at the $2,680 mark, with significant resistance expected near $2,735. The principal resistance is now forming around $2,800 to $2,820. Surpassing the $2,820 resistance could propel the price toward $2,920.
A breakthrough of the $2,920 resistance may result in further gains in upcoming sessions, potentially elevating Ethereum's price toward the $3,000 or even $3,050 resistance zones in the near future.
Should Ethereum fail to exceed the $2,700 resistance, another decline is likely. Initial support lies near the $2,550 level, with the first significant support at the $2,520 zone.
A decisive move below $2,520 could drive the price toward the $2,440 support or the 61.8% Fibonacci retracement level from the $2,125 low to the $2,922 high. Continued losses may send Ethereum toward the $2,365 support level. The next critical support is situated at $2,250.
Disclaimer: The information provided in this article is for educational purposes only and should not be considered financial or legal advice. Always conduct your own research or consult a professional when dealing with cryptocurrency assets.