Ethereum Price Faces Resistance Near $2,660 After Recent Increase

Ethereum Price Update

Ethereum is experiencing an increase from the $2,470 level.
The price is above $2,500 and the 100-hourly Simple Moving Average.
A break below a rising channel support at $2,580 occurred on the hourly chart.
If it trades below $2,545, further losses may follow.

Resistance Levels

ETH has surpassed resistance levels at $2,500 and $2,540 but faces challenges near $2,650 and $2,660. The price has cleared the 50% Fib retracement from the recent high of $2,788 to the low of $2,470.

Key resistance levels are:

$2,620
$2,650
$2,660 (near the 61.8% Fib retracement)

A breach of $2,660 may lead to prices reaching $2,720, with potential gains towards $2,780 or $2,880.

Potential Decline

If Ethereum does not overcome the $2,660 resistance, it could decline. Key support levels include:

$2,545 (initial support)
$2,500 (major support)
$2,470 (next support)
$2,420 and $2,350 (further support levels)

Technical Indicators

Hourly MACD shows bearish momentum.
Hourly RSI is near the 50 mark.