Ethereum Price Stabilises at $2,460: Bulls Eye $2,600 Resistance

Ethereum’s price has recovered from recent lows to find support at $2,460 and is climbing towards $2,600, with significant resistance levels at $2,630 and $2,650. If successful, Ether could aim for $2,800. Conversely, failure to breach $2,600 may lead to declines, with key support at $2,500 and below.

Ethereum’s price seems to have found its footing around the $2,460 mark, showing signs of a renewed upward movement. After a period of volatility, ETH has started to rally, with potential to break through the $2,600 resistance level. Currently, the cryptocurrency is trading above $2,520, and more importantly, sits above its 100-hourly Simple Moving Average.

The recent uptick in Ethereum’s price can be linked back to Bitcoin’s recent performance, which hit a new all-time high. Before this resurgence, ETH fell back, testing lows around $2,450. However, the bulls have pushed up the price after forming a low at $2,463. Following that, it broke past the $2,500 mark and the notable 23.6% Fibonacci retracement level from the recent downturn.

An important technical development occurred with Ethereum breaking above a bearish trend line on the hourly chart, which had resistance set at $2,540. This indicates growing bullish sentiment. Now, as ETH progresses above $2,520, traders are eyeing the resistance around $2,600. This area also corresponds with the 50% Fibonacci retracement from the price dip that reached down to $2,463, making it a significant target.

In terms of resistance levels beyond the immediate target, the $2,630 mark stands out, alongside the critical $2,650 barrier. Should Ethereum manage to surpass $2,650, this could pave the way for it to test the $2,720 resistance level once again.

Market analysts suggest that if Ethereum breaks above the $2,720 level, it may lead to an even more substantial rally, with targets potentially reaching up to $2,800 or even $2,850 shortly thereafter. Sentiment would clearly strengthen if such resistance levels are tackled successfully.

On the flip side, if Ethereum struggles to clear that $2,600 hurdle, it may face a price decline. The initial support level seen lies around the $2,520 mark, with the next major support just below at $2,500. If the price further dips below $2,500, it could test $2,460, and continuing downwards, the $2,420 support could come into play, with $2,350 as an eventual safety net in more bearish scenarios.

In technical terms, momentum indicators also look favorable for Ethereum. The MACD is showing increasing momentum in the bullish zone, while the RSI is comfortably over the 50 mark, which is often a sign of bullish momentum going forward. Traders will be closely watching these indicators as the price action develops.