The Ethereum price has initiated a fresh increase from the $2,470 zone, currently encountering resistance near the $2,650 and $2,660 levels. After surpassing the $2,500 level, ETH is now trading above $2,500 and the 100-hourly Simple Moving Average.
There was a break below a short-term rising channel with support at $2,580 on the hourly chart of ETH/USD (data feed via Kraken). If the pair trades below the $2,545 support zone, it could extend its losses in the near term.
The Ethereum price has shown a decent recovery from the $2,470 zone, outperforming Bitcoin. It has managed to climb above the $2,500 and $2,540 resistance levels, clearing the 50% Fib retracement level of the downward move from the $2,788 swing high to the $2,470 low.
However, bearish momentum appears to be active below the $2,660 resistance zone, with the price moving lower again under the $2,600 level. The price remains above $2,540 and the 100-hourly Simple Moving Average.
On the upside, Ethereum could face resistance near the $2,620 level, with the next key resistance at approximately $2,650. The first major resistance is situated around $2,660, which is close to the 61.8% Fib retracement level from the recent downward movement.
A clear move beyond the $2,660 resistance could propel the price toward the $2,720 resistance. A subsequent breakout above $2,720 might lead to further gains in the upcoming sessions, potentially pushing Ether toward the $2,780 resistance zone or even $2,880 in the near term.
Conversely, if Ethereum is unable to breach the $2,660 resistance, a fresh decline may commence. Initial support on the downside is located near the $2,545 level, with the first major support at around $2,500.
A clear move below the $2,500 support could drive the price toward the $2,470 support level. Additional losses might push the price down to the $2,420 support level in the near term, with the next key support at $2,350.
Technical indicators show that the Hourly MACD for ETH/USD is gaining momentum in the bearish zone, while the Hourly RSI is now near the 50 zone. Major support is noted at $2,545, and major resistance is at $2,660.
