Ethereum’s price is showing signs of recovery after finding support at $2,120. The current increase of over 3% could potentially turn into a rally if the price manages to surpass the $2,250 resistance level.
Some key factors contributing to this positive price action include Ethereum trading above both $2,200 and the 100-hourly Simple Moving Average. Additionally, a bearish trend line near $2,210 has been broken, indicating a potential upside movement.
In terms of resistance levels, the immediate hurdle lies at $2,250, followed by $2,280. A clear breakthrough above these levels may push the price towards $2,330 and $2,400. Further gains could even result in Ethereum testing the $2,550 and $2,750 zones.
However, if the price fails to surpass the $2,250 resistance, it could start to decline again. Initial support is expected around $2,210 or the 100-hourly SMA, with the $2,200 zone serving as a critical support level. A break below $2,200 could trigger a more significant decline, potentially leading Ethereum back to the $2,120 support. In the worst-case scenario, the price might even reach the $2,000 level in the coming days.
Technical indicators are currently favoring the bulls, with the MACD gaining momentum in the bullish zone and the RSI rising above the 50 level.
Please note that this analysis is provided for educational purposes only and should not be considered as financial advice. Always conduct your own research and make independent investment decisions while keeping in mind the risks involved.