Ethereum price has initiated a fresh decline, testing the $2,450 support zone. ETH is currently correcting losses and may target a breakout above the $2,620 resistance level.
- Ethereum resumed its downward trend, falling below $2,750.
- The price is now hovering near $2,575 and the 100-hour Simple Moving Average (SMA).
- A bullish triangle breakout occurred at the $2,550 resistance on the ETH/USD hourly chart (data via Kraken).
- A clear move above $2,620 could signal the start of a new upward wave.
Ethereum Price Corrects Recent Losses
Ethereum followed Bitcoin’s bearish momentum, dropping below $2,750 and $2,620. The decline extended below $2,500, with ETH testing the $2,440 support level.
A low formed at $2,441, followed by a steady recovery. The price reclaimed $2,500 and $2,520, surpassing the 23.6% Fibonacci retracement level of the downward move from the $2,880 swing high to the $2,441 low. Additionally, ETH/USD broke out of a contracting triangle with resistance at $2,550.
Ethereum now trades near $2,575 and the 100-hour SMA. Immediate resistance lies at $2,585, followed by a key hurdle at $2,620. A decisive close above this level could push ETH toward $2,660 (50% Fib retracement of the recent drop).
👉 Why is Ethereum price struggling to break $2,600?
Further upside targets include $2,720 and $2,800. A rally toward the previous high of $2,880 remains possible if bullish momentum sustains.
Is Another ETH Downturn Likely?
Failure to surpass $2,620 may trigger another decline. Initial support sits at $2,540, followed by the critical $2,500 zone. A breakdown below this level could retest $2,440 and potentially $2,420. The next major support lies at $2,350.
Technical Indicators
- Hourly MACD – Gaining momentum in the bullish zone.
- Hourly RSI – Above 50, indicating neutral-to-positive sentiment.
- Key Support – $2,500
- Key Resistance – $2,620
FAQs
1. What’s driving Ethereum’s price recovery?
Ethereum’s rebound stems from oversold conditions and bullish technical patterns like triangle breakouts. Market sentiment around upcoming network upgrades also plays a role.
2. How high can ETH price go if it breaks $2,620?
A sustained close above $2,620 could propel ETH toward $2,800–$2,880, provided broader crypto market conditions remain favorable.
3. What are the risks for Ethereum traders?
Failure to hold $2,500 may expose ETH to deeper corrections. Macroeconomic factors like Fed policy shifts could also impact volatility.
👉 Discover real-time ETH trading strategies
Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry inherent risks; always conduct independent research.
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