Ethereum Price Targets a Comeback: Will the Bounce Last?

Ethereum’s price has experienced losses recently, dropping to the $2,320 support level. However, it is currently in a correction phase and could potentially surpass the $2,420 resistance level for a fresh increase. The cryptocurrency has remained in a bearish zone and is trading below the $2,420 resistance and the 100-hourly Simple Moving Average. There is a bearish trend line forming with resistance at $2,420 on the hourly chart. In order for a significant increase to occur, Ethereum must hold above the $2,350 support level. If it fails to break the $2,420 resistance, it could continue to decline, with the $2,320 and $2,265 levels serving as potential support. On the other hand, a successful upside break may lead to further gains and push the price towards the $2,500 resistance zone, followed by potential hurdles near $2,550 or $2,560. Technical indicators show that the MACD for ETH/USD is gaining bullish momentum, while the RSI is above the 50 zone.