Ethereum price has started a rebound from the $2,400 zone. ETH is now struggling to gain momentum to break above the $2,600 resistance zone.

• Ethereum started a rebound wave above $2,500 and $2,550.
• The price is trading below $2,550 and the 100-hour elementary moving average.
• On the hourly chart of the ETH/USD pair (data via Kraken), there was a breakout of a key downtrend line with resistance at $2,550.
• To start another uptrend in the near future, the pair needs to stay above USD 2,485.

Attempts to Recover Ethereum Price

Ethereum price remained stable above $2,400 and attempted a rebound wave, similar to Bitcoin. The price was able to rise above the $2,480 and $2,500 resistance levels.

There was a move above the 23.6% Fibonacci retracement level of the downtrend from the $2792 high to $2395 low. The price even broke above the $2550 resistance. There was a break above the key bearish trendline with resistance at $2550 on the ETH/USD hourly chart.

However, bears were dynamic near the $2,600 resistance. They were protecting the 50% Fibonacci retracement level of the downtrend from the $2,792 peak to the $2,395 low.

Ethereum price is currently trading below $2,580 and the 100-hour elementary moving average. On the other hand, the price seems to be encountering obstacles near the $2,550 level and the 100-hour elementary moving average. The first major resistance is near the $2,600 level. A close above the $2,600 level could take Ether towards the $2,660 resistance.

The next key resistance is located around $2,720. A break of the resistance at $2,720 could see the price rally towards the resistance zone at $2,820 in the compact term.

Another ETH drop?

If Ethereum fails to break through the $2,600 resistance, it could begin another decline. Initial support on the downside is near $2,500. The first major support is near the $2,485 zone.

A clear move below the $2485 support could push the price towards the $2420 area where bulls could step in. Any further losses could send the price towards the $2320 support level in the near future. The next key support is at $2250.

Technical indicators

Hourly MACD – MACD for ETH/USD is losing momentum in the growth zone.

Hourly RSI – The RSI for the ETH/USD pair is currently below the 50 level.

Major Support Level – $2,485

Main resistance level – $2600