Ethereum Price Shows Signs of Recovery Near $2,575 Support
Ethereum Price Update
- ETH declined below $2,750 and tested the $2,450 zone.
- Current trading near $2,575 with a key moving average at this level.
- Recent breakout above a triangle pattern at $2,550 on hourly chart.
- Potential upward movement if it surpasses $2,620 resistance.
Ethereum's price experienced a drop below significant levels, reaching a low of $2,441. A recovery has begun, pushing prices back above $2,500 and $2,520, along with breaking the 23.6% Fibonacci retracement level from the recent high of $2,880.
The next immediate resistance is at $2,585, followed by key resistance at $2,620 and $2,660, where further gains could target $2,720 or up to $2,880.
If Ethereum cannot break the $2,620 level, it may decline again, with initial support around $2,540 and major support at $2,500. A drop below $2,500 could lead to further losses toward $2,440 and potentially down to $2,420 or $2,350.
Technical Indicators
- MACD shows bullish momentum.
- RSI is above the 50 mark.
- Major Support Level – $2,500
- Major Resistance Level – $2,620
