Ethereum price has tested the $2,400 level and has shown some recovery signs. However, to sustain a meaningful increase, Ethereum must surpass the $2,550 resistance zone.
The price has entered into a consolidation phase after experiencing a sharp decline to $2,400. Currently, ETH is trading below $2,550 and the 100-hourly Simple Moving Average.
A bearish trend line with resistance at $2,555 on the ETH/USD hourly chart suggests that overcoming this level could trigger a recovery wave.
To confirm a recovery, Ethereum needs to clear resistance levels of $2,555 and $2,600. Overcoming these could push the price to the next resistance at $2,665 and potentially up to $2,820.
If Ethereum fails to clear the $2,555 resistance, it could face further declines. Immediate support levels to watch are $2,480, $2,450, and a more crucial one at $2,425. Further losses could drive the price down to $2,320 or $2,250.
Technical indicators show a loss of momentum in the bearish zone for the MACD, while the RSI is above the 50 zone, suggesting some recovery strength.
