Ethereum Price Recovery Faces Resistance at $2,880 Level

Ethereum Price Update

ETH price is recovering above the $2,550 mark.
Current trading is below $2,880 and the 100-hourly Simple Moving Average.
A declining channel has formed with resistance at $2,800.
If it remains under $2,880, ETH may experience a decline.

After dropping below $2,500, Ethereum tested $2,120 before starting a recovery. It surpassed resistance levels of $2,500 and $2,550 and climbed above the 50% Fib retracement level from its previous high of $3,402 to a low of $2,127. However, challenges arise near the $2,900 zone, where it failed to clear the 61.8% Fib retracement level.

The first significant resistance lies at $2,880, with stronger resistance forming near $2,920. A breakthrough above $2,920 could lead to a rise towards $3,000 and potentially up to $3,250.

Potential Decline

If unable to surpass $2,880, initial support is at $2,640.
Major support exists at $2,550; a drop below this level might push the price to $2,500 or lower, targeting $2,420 or $2,350.

Technical Indicators

MACD shows decreasing momentum in bullish territory.
RSI is currently below the 50 mark.
Support Level: $2,550
Resistance Level: $2,880