Ethereum Price Recovers Above $2,500 but Faces Resistance at $2,920

Ethereum Price Recovery Overview

Ethereum is recovering above the $2,500 zone and has increased nearly 10%.
The current price faces resistance near $2,920 and is trading below $2,900 and the 100-hourly Simple Moving Average.
A bearish trend line is forming with resistance at $2,920 on the ETH/USD hourly chart.
If Ethereum remains below $2,920, a potential decline may occur.

After a decline below $2,800, Ethereum entered a bearish phase, dropping to $2,127 before starting to recover. Key levels include:

Resistance at $2,920 and major resistance near $3,000.
Break above $3,000 could lead to further gains toward $3,120, $3,250, or $3,320.

If Ethereum fails to breach the $2,900 resistance, initial support is at $2,765, followed by $2,650 and further down to $2,420 and $2,350.

Technical indicators show: