🔥🔥🔥 Ethereum Price Rangebound – Can ETH Pump Again To Retest $2,700?
Ethereum underwent a corrective decline and found support near $2,440. Currently, ETH is consolidating and encountering resistance around the $2,550 and $2,585 levels.
As Ethereum attempts a fresh upward move from the $2,450 level, it is currently trading just above $2,500 and the 100-hourly Simple Moving Average. The recent price action saw a break above a connecting bearish trend line with resistance near $2,510 on the hourly chart of ETH/USD, sourced via Kraken.
Facing resistance near the $2,540 level or the 61.8% Fib retracement level of the recent downturn, Ethereum is looking to overcome hurdles. The subsequent major resistance is at $2,585, and a clear move beyond this level could initiate a notable uptrend. In such a scenario, the price may rise towards $2,650, with key resistance forming around $2,720. Further gains might propel Ethereum towards the $2,780 and $2,880 levels.
However, if Ethereum fails to surpass the $2,585 resistance, it may experience another decline. Initial support lies near the $2,495 level, followed by a crucial support zone around $2,445.
A downside break below $2,445 could lead to further losses, potentially testing the $2,380 support. Additional bearish momentum might bring Ethereum towards the $2,320 level.
Looking at technical indicators, the hourly #MACD for ETH/USD is showing signs of weakening momentum in the bullish zone, while the hourly #RSI is currently just above the 50 level.
In summary, Ethereum is navigating key resistance levels, and a successful breach above $2,585 could pave the way for a significant upward movement. Conversely, failure to surpass these hurdles might result in renewed selling pressure and potential downside tests.
Source - newsbtc.com
