Ethereum Price Eyes Recovery—Can ETH Kick Off a Fresh Upside Move?

Ethereum’s price has declined recently but shows signs of recovery as it approaches a key resistance level at $2,620. Currently trading around $2,575, ETH may rise further if it breaks through this resistance. Conversely, failing to do so could lead to another decline as it tests various support levels, with significant focus on the market’s technical indicators.

Ethereum’s price has witnessed a sharp drop, recently touching the $2,450 mark. Now, it seems set to correct its losses, potentially gearing up for a move above the critical $2,620 resistance level. Currently, ETH is trading around $2,575, supported by the 100-hourly Simple Moving Average, and a breakout above the $2,620 threshold could signal a substantial upswing.

Initially, Ethereum experienced a decline beneath both the $2,750 and $2,620 levels, mirroring the downturn seen in Bitcoin. The price dipped below $2,500, briefly hitting a low of $2,441. However, the cryptocurrency has recently begun to rebound, breaking the $2,500 and $2,520 barriers, which correspond to the 23.6% Fibonacci retracement level from its earlier peak at $2,880.

As for the technical indicators, Ethereum managed to form an upward break above a tightening triangle on the hourly chart, which added further support. Now at $2,575, the price faces near-term resistance just above $2,585, with the next hurdle at $2,620 and a crucial resistance level at $2,660—this latter point aligns with the 50% Fibonacci retracement. If ETH ascends above the $2,660 mark, it could potentially rally towards the $2,720 level, paving the way for even higher targets near $2,800 or possibly the prior high at $2,880 shortly thereafter.

Yet, if Ethereum fails to exceed the $2,620 resistance, it risks initiating a fresh decline. The immediate support level is at $2,540, with the primary support sitting at $2,500. If it drops below $2,500, ETH could find itself testing the $2,440 support level, and further losses may bring about a dip to around $2,420, with significant support lying at $2,350.

Analyzing technical indicators shows that the hourly MACD for ETH/USD is currently gaining strength within the bullish region. Meanwhile, the Relative Strength Index (RSI) is positioned above the mid-point of 50, which suggests positive momentum. Investors are advised to watch for these pivotal levels closely as market dynamics evolve.

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