Ethereum Price Analysis: Will ETH Surge Past $2,620?

Ethereum Price Analysis: Will ETH Surge Past $2,620?

Ethereum (ETH) has been on a rollercoaster ride recently, with a recent dip after failing to break through the $2,700 resistance zone. The question now is: will Ethereum rally back, or will it continue its downward trend?

After hitting a high near $2,700, ETH entered a correction phase, mirroring Bitcoin’s recent downward trajectory. The price dipped below the $2,620 level, even testing the $2,550 support before finding a low at $2,554.

Currently, Ethereum is attempting a rebound, climbing above the $2,580 level and surpassing the 23.6% Fibonacci retracement level of the downward move from the $2,701 high to the $2,554 low.

The Road Ahead for Ethereum Price: A Look at Key Levels

Ethereum is currently trading below $2,620, and the 100-hourly Simple Moving Average. While the price shows signs of recovery, it faces several obstacles on its path to higher levels.

• **Resistance:** The $2,600 level appears to be a significant hurdle, with the first major resistance situated near $2,620. A connecting bearish trend line on the hourly chart of ETH/USD, coinciding with the 50% Fibonacci retracement level, also acts as resistance at $2,620. The next key resistance lies near $2,645.
• **Potential Upside:** A successful breakout above the $2,645 resistance level could signal further gains, potentially propelling ETH towards the $2,700 resistance zone. If this momentum continues, the price could even reach the $2,720 or $2,800 levels.
• **Potential Downside:** If ETH fails to overcome the $2,620 resistance, a downward trend might resume. The initial support lies near $2,550, followed by a major support zone at $2,525. If the price breaks below the $2,525 level, a decline towards $2,450 could occur. Further losses might push the price toward the $2,400 support. The next significant support level is at $2,320.

Technical Indicators

• **Hourly MACD:** The MACD for ETH/USD is losing momentum in the bullish zone.
• **Hourly RSI:** The RSI for ETH/USD is currently below the 50 level.

Key Support and Resistance Levels

• **Major Support:** $2,550
• **Major Resistance:** $2,620

The next few days will be crucial for Ethereum as it attempts to break past resistance levels and sustain its upward trajectory. Investors and traders should closely monitor these key levels and technical indicators to make informed decisions.