The ethereum price chartsecond-largest cryptocurrency by market capitalization shows tentative signs of rebounding from recent lows, though significant technical barriers remain.
ETH finds temporary footing above $2,150 support level
Current trading activity remains below both $2,320 and the 100-hour moving average
Recent price action breached a descending trendline near $2,280 on hourly charts
Market sentiment remains cautious until clear breakout above $2,360 materializes
Technical Hurdles Challenge Ethereum Bulls
Following an unsuccessful attempt to sustain momentum above $2,400, the digital asset experienced renewed selling pressure. The subsequent decline mirrored broader market movements, with ETH finding support near the $2,150 psychological level.
The recent bounce from support levels saw the cryptocurrency reclaim ground above $2,220 and $2,280. This upward movement represents approximately 23.6% retracement of the downward move from recent highs near $2,488 to the $2,150 swing low.
While the breach of the descending trendline suggests weakening bearish momentum, the digital asset continues to trade below both the $2,320 level and the 100-period moving average on hourly timeframes.
Market technicians identify immediate resistance near $2,320, with more significant barriers emerging at $2,360. This level coincides with the 61.8% Fibonacci retracement of the recent downward move. A decisive close above this zone could open the path toward $2,420 resistance.
The next substantial resistance zone appears near $2,480, with potential for extended gains toward $2,550 should bullish momentum accelerate.
Potential Downside Scenarios Emerge
Failure to overcome the $2,360 resistance could trigger renewed selling pressure. Initial support appears near $2,250, followed by more substantial buying interest around $2,180.
A breakdown below $2,180 support could test the recent swing low at $2,150. Continued weakness might see the cryptocurrency retreat toward $2,050, with $2,000 representing a key psychological support level.
Technical Indicators
Hourly MACD – The momentum indicator shows fading bearish pressure but remains in negative territory.
Hourly RSI – The relative strength index has climbed above neutral territory, currently hovering near 50.
Critical Support Zone – $2,180
Major Resistance Threshold – $2,360
