Ethereum has been consolidating after testing a key support level around $2,400. As traders watch closely, ETH could be gearing up for another upward move if it clears the $2,465 resistance.

Key Takeaways

1. Ethereum Faces Strong Resistance at $2,465: ETH needs to break through this level for a potential rally toward $2,500 and beyond.
2. $2,400 Support is Critical: Bulls are defending this zone, and if it holds, a fresh upward move could be on the cards.
3. Failure to Hold Support May Trigger More Losses: If Ethereum drops below $2,390, the next target could be $2,325 or even $2,240.

Ethereum's Downtrend and Consolidation

After struggling to maintain gains above $2,500, Ethereum experienced a pullback, dipping below the $2,465 mark. This retracement mirrors Bitcoin's correction, with ETH dropping further to test support near $2,420.

At the moment, Ethereum is hovering around $2,430 and the 100-hour Simple Moving Average (SMA). A rising channel with support around $2,420 is also forming on the hourly chart (according to Kraken’s data). The $2,400 level is a key threshold that Ethereum must hold to fuel a potential upward move.

Read More: Analysing Ethereum's Next Move: Can Whales Erase Hope of a 20% Price Gain?

Ethereum Price Holds Strong Support

Despite the recent dip, bulls are defending the $2,400 support zone, which aligns with the 50% Fibonacci retracement of the rise from the $2,310 swing low to the $2,519 high. This level is crucial for Ethereum's next potential rally. Currently, ETH is trading just above $2,430, while facing resistance near $2,465. 

Should the price surpass this barrier, it could eye the $2,500 level as its next target. If this resistance breaks, Ethereum may climb toward $2,600 in the short term, with the next obstacle appearing around $2,650–$2,665. Now could be the perfect moment to buy Ethereum on Bitrue and take advantage of its next potential rise!

Will There Be More Losses?

If Ethereum struggles to break past the $2,465 resistance, another decline could be on the horizon. Immediate support lies at $2,420, with stronger support found at $2,390—near the 61.8% Fibonacci retracement of the previous rise.

A drop below $2,390 could lead to further losses, potentially pushing ETH down to $2,325. If the bearish momentum continues, the price may even fall toward the $2,240 level, with $2,120 being a critical lower support.

Read More: Ethereum FUD Resurfaces as ICO Whale Sells $47M Worth of ETH

Key Technical Indicators

• Hourly MACD: Momentum is fading in the bearish zone for ETH/USD.
• Hourly RSI: The RSI is holding just above the 50 mark, indicating a neutral momentum.

Important Levels to Watch

• Support: $2,390 is a key support zone.
• Resistance: $2,465 is the resistance ETH needs to break for upward movement.

FAQ

Q1: What happens if Ethereum breaks above $2,465?

A1: A break above $2,465 could push ETH toward the $2,500 mark, possibly even reaching $2,600 in the short term.

Q2: What are the key support levels for Ethereum right now?

A2: Ethereum’s primary support levels are $2,400 and $2,390. If it drops below these, the next targets are $2,325 and $2,240.

Q3: Is Ethereum expected to rally soon?

A3: If Ethereum can hold support above $2,400 and break through the $2,465 resistance, a short-term rally is likely.

Conclusion

Ethereum is at a critical juncture, holding just above $2,400 support. A bounce toward $2,500 could be on the horizon if it clears the $2,465 resistance. However, if it struggles, there may be a risk of further declines. For those looking to capitalize on the potential upswing, now might be a great time to buy Ethereum on Bitrue before the market shifts!

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