Ethereum’s price has started a recovery wave, moving past the $2,650 level. However, the bulls are now struggling to break through the $2,880 and $2,920 resistance levels. The price action suggests that the recent upward momentum may be fading.
The price managed to surpass the 50% Fibonacci retracement level of the prior downward wave from $3,400 to $2,120. However, the bears have shown strength below the key $2,880 and $2,920 zones, pushing the price lower. A break below the bullish trendline support at $2,800 on the hourly ETH/USD chart indicates a potential shift in market sentiment.
If Ethereum fails to clear the $2,800 hurdle, it could trigger another decline. The immediate support lies near $2,630, with the major support around the $2,600 mark. A decisive close below $2,600 might expose ETH to further downside, possibly reaching $2,500 or even $2,420 in the near term.
On the other hand, a successful break above the $2,920 resistance, which coincides with the 61.8% Fibonacci level, could open the doors for a rally towards $3,000. An extended bullish scenario might see Ether targeting the $3,050 or $3,120 resistance levels.
The technical indicators suggest that the bullish momentum is waning. The MACD is losing steam, while the RSI has dipped below the 50 level, indicating a potential bearish shift in the market.
As Ethereum navigates this critical juncture, traders should keep a close eye on the $2,800 and $2,920 levels. A decisive break in either direction could set the tone for the market’s near-term trajectory.
Tags: Ethereum, ETH price, ETH/USD, technical analysis, crypto market
Source: https://www.newsbtc.com/analysis/eth/ethereum-price-stuck-2800/