#EthereumPrice Rebounds to $2,500: Is There More Room to Climb?
Ethereum Price Update: Recovery and Resistance Levels
- Ethereum has begun a recovery from the $1,910 zone, rising over 10% and currently consolidating near the $2,500 level.
Current Price Action
- Ethereum initially dropped below the $2,500 support, dragging Bitcoin lower and falling below $2,200. The price even dipped below $2,000 before bulls took charge.
- A low of $1,911 was established, and ETH has since embarked on a recovery. The price has moved above the $2,250 level and has broken the 50% Fib retracement level of the decline from the $2,920 high to the $1,910 low.
- Additionally, Ethereum has broken above a key bearish trend line with resistance at $2,400 on the hourly chart of ETH/USD (data feed via Kraken). However, it remains below $2,650 and the 100-hourly Simple Moving Average.
Resistance Levels
- On the upside, Ethereum faces resistance near the $2,550 level and the 61.8% Fib retracement level of the drop from $2,920 to $1,910. The first major resistance is at $2,680. If Ethereum clears this level, it could advance towards $2,850, with further resistance at $2,880. A break above $2,880 might push the price toward the $3,000 zone.
Potential Downside
- If Ethereum struggles to surpass the $2,550 resistance, it may face another decline. Initial support is near $2,365, followed by the $2,250 zone. A drop below $2,250 could see the price move towards $2,050, with further support at $2,000 and $1,920.
Technical Indicators
- Hourly MACD: Gaining momentum in the bullish zone.
- Hourly RSI: Above the 50 level.
- Major Support Level: $2,365
- Major Resistance Level: $2,550
Source - newsbtc.com
