Ethereum price is trying to break above $2,420, aiming for recovery. However, it must surpass the $2,500 resistance to keep the momentum going. It's currently below $2,480 and the 100-hourly Simple Moving Average, which poses significant hurdles.
After hitting a low at $2,308, Ethereum managed to climb above $2,350 and $2,400 resistance levels. It even broke above a key bearish trend line at $2,430. The price now faces challenges near the $2,465 level, corresponding to the 61.8% Fib retracement level of the last downward wave.
A major resistance lies at $2,500, and if conquered, could send Ethereum to the next resistance at $2,550 and potentially $2,620. An upside break above $2,620 might lead to $2,780 in the near term.
If Ethereum cannot clear $2,465 resistance, another decline is possible. Initial support is at $2,435, with further support at $2,400. Falling below this could push the price towards $2,340 and further down to $2,300. Key support stands at $2,250.
Technical indicators show the hourly MACD losing momentum, but the RSI is above the 50 zone, indicating mixed signals.
