Ethereum‘s price has been gallivanting upwards like a young colt above the $2,520 zone. But now, much like a detective who’s had one too many cups of tea, it’s taking a moment to correct its previous exuberance and may aim for a quick jaunt above $2,580.
- Ethereum started galloping upwards above the $2,520 mark, much to the joy of its supporters.
- Now, however, the price is hanging around below $2,550, slightly bruised by the 100-hourly Simple Moving Average.
- There’s a charming bullish trend line forming at $2,530 on the hourly chart of ETH/USD. A fine piece of chart wizardry, indeed.
- If the price manages to keep above the $2,520 level, it might just be poised to perform a fresh pirouette to the upside.
Ethereum Price Revisits Support
Ethereum started its impressive uptick above $2,550, joining Bitcoin in what appeared to be a rather glamorous gala. It then managed to swagger past the $2,565 resistance zone like a bouncer at a nightclub.
Like a determined group of squirrels, the bulls pushed Ethereum above the 61.8% Fib retracement level, taking it out of the realm of the ordinary. Yet, alas, the bears were lying in wait near the $2,600 resistance zone, thwarting the bullish parade and sending the price into retreat.
The price, exhausted from the tussle, faced rejection near the 76.4% Fib retracement level. It’s now retreating, ever so humbly, below the $2,550 mark and has found a somewhat comfortable spot below the 100-hourly Simple Moving Average. A little rest and recovery are in order.
Now, ETH is testing the $2,520 support, much like a tired knight trying to find a resting place. There’s also a delightful bullish trend line forming with support at $2,530. Keep an eye on that one.
On the bright side, if Ethereum does manage to break free from the grasp of the bears, it might find itself facing resistance near the $2,550 level. The next barrier is a rather substantial $2,580, followed by the mighty $2,600. Any decisive move above $2,600 could send the price galloping all the way to $2,650, and perhaps even further towards $2,720 or a rather exciting $2,800.
Should Ethereum manage to push past the $2,650 resistance, there’s talk of it breezing towards $2,800 in the near future, perhaps with a few somersaults along the way.
More Losses In ETH?
If Ethereum fails to break through the $2,580 resistance, we might witness a fresh decline, one that could leave it feeling a little deflated. The initial support lies near $2,520, with the first major stop at the $2,500 level.
Should the price drop below the $2,500 support, Ethereum could tumble towards the $2,450 zone, with an even more dramatic fall potentially reaching $2,350. A tragic series of unfortunate events indeed.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is getting a little momentum in the bearish zone. It’s a bit like an old horse ready for retirement.
Hourly RSI – The RSI for ETH/USD is currently sulking below the 50 zone.
Major Support Level – $2,520 (Don’t let it go, Ethereum!)
Major Resistance Level – $2,600 (Quite the fortress!)
Read More
- SOL PREDICTION. SOL cryptocurrency
- ETH PREDICTION. ETH cryptocurrency
- USD TRY PREDICTION
- SHIB PREDICTION. SHIB cryptocurrency
- EUR AUD PREDICTION
- WLD PREDICTION. WLD cryptocurrency
- Brent Oil Forecast
- DOGE PREDICTION. DOGE cryptocurrency
- EUR USD PREDICTION
- GBP CNY PREDICTION
2025-07-08 06:35