Ethereum Price Struggling Around $2,550: Can Bulls Break Resistance?Ethereum price has shown strong gains over the past few weeks, climbing from a low of $1,911 to a high of $2,555. However, the ETH price is currently facing resistance near $2,550, failing to break through this crucial resistance level
Ethereum Price Struggling Around $2,550: Can Bulls Break Resistance?
Ethereum price has shown strong gains over the past few weeks, climbing from a low of $1,911 to a high of $2,555. However, the ETH price is currently facing resistance near $2,550, failing to break through this crucial resistance level.
Technical indicators are showing some bearish signs. The Ethereum price has dropped below the $2,450 level and broken through the support of the ascending trend line that was holding support at $2,500. Additionally, the ETH price is also below the $2,550 and 100-hour simple moving average.
But this does not necessarily mean the bullish trend is over. Ethereum price is still above the $2,400 and $2,420 support levels, and the hourly MACD and RSI indicators are both showing bullish signals.
If Ethereum price manages to break through the $2,550 resistance, it could set off a steady rally. Breaking this resistance could open the door for ETH price to move towards the $2,685 resistance, followed by further resistance levels at $2,865 and $3,000.
On the other hand, if Ethereum price fails to break through the $2,550 resistance, a pullback could occur. The initial downside support is near $2,350, and the $2,300 area is the first major support level. If the $2,300 support breaks, prices could fall towards $2,150, the 61.8% Fibonacci retracement of the uptrend from the $1,911 swing low to the $2,555 high. If the price falls further, it could drop towards $2,120 followed by support at $2,050.
Currently, Ethereum price is at a crossroads near $2,550. Bulls need to break through this crucial resistance level to continue the rally, while bears are trying to push prices back down. The coming days will determine the short-term outlook for Ethereum.
Key Support Levels:
- $2,300
- $2,150
- $2,120
- $2,050
Key Resistance Levels:
- $2,550
- $2,685
- $2,865
- $3,000
Summary:
- Ethereum price is facing resistance near $2,550, failing to break through this crucial resistance level.
- Technical indicators are showing some bearish signs, but the hourly MACD and RSI indicators are both showing bullish signals.
- If the $2,550 resistance is broken, a steady rally could occur, targeting $2,685, $2,865, and $3,000.
- If the $2,550 resistance is not broken, a pullback could occur, with support at $2,350, $2,300, $2,150, $2,120, and $2,050.
- The coming days will determine the short-term outlook for Ethereum.
Disclaimer: The information above is for informational purposes only and does not constitute investment advice. Always conduct independent research and consult with professionals before making any investment decisions.
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