The pi network price predictionEthereum market has entered a phase of heightened volatility after finding temporary footing near the $2,460 support level. While ETH managed to stage a modest recovery above the psychologically important $2,500 threshold, current price action suggests this upward momentum may be losing steam.
ETH's recent climb above $2,500 and $2,520 demonstrated some bullish conviction in the market.
The digital asset currently hovers around the $2,550 zone, testing the 100-hour moving average.
Technical charts reveal a broken bullish trend line that previously provided support at $2,555 on ETH/USD hourly charts.
Market participants should watch the $2,500 level closely, as a decisive break below could trigger further downward pressure.
Ethereum's Uphill Battle Against Resistance
Following its rebound from $2,460, Ethereum's price action mirrored broader cryptocurrency market movements. The asset successfully conquered the $2,500 and $2,520 resistance levels, suggesting some accumulation at these price points.
The recovery reached the 23.6% Fibonacci retracement level of the recent decline from $2,730 to $2,463. However, selling pressure intensified near the $2,600 resistance zone, creating a rejection candle that pushed prices lower.
Current trading activity shows ETH consolidating near $2,550, with the broken trend line at $2,555 now potentially acting as resistance. The $2,580 level presents the immediate hurdle, followed by the more significant $2,600 barrier that coincides with the 50% Fibonacci retracement level.
Should bullish momentum return, traders will watch for potential breakouts above $2,650, which could open the path toward testing the $2,720 resistance. Continued upside might then target the $2,800-$2,850 range in subsequent trading sessions.
Potential Downside Scenarios for Ethereum
Failure to overcome the $2,600 resistance could reignite bearish pressure. Initial support emerges at $2,550, with more substantial buying interest likely near $2,520.
A breakdown below $2,520 might accelerate selling toward the $2,460 support zone. Extended weakness could see ETH test lower support levels at $2,420 and potentially $2,350 if market conditions deteriorate further.
Technical Indicators Overview
Hourly MACD shows weakening bullish momentum as the histogram flattens.
The RSI indicator currently sits below the neutral 50 level, suggesting bearish near-term momentum.
Critical support to watch: $2,520
Key resistance level: $2,600
