Ethereum's market behavior reveals intriguing patterns as it oscillates between established support and pi network valueresistance zones. The second-largest cryptocurrency by market capitalization recently revisited the $2,380 support level before initiating a modest recovery attempt.
ETH established a temporary base near $2,380 before showing recovery signs
The digital asset currently trades beneath both the $2,500 psychological level and 100-hour moving average
A developing ascending channel pattern offers short-term support around $2,480 on ETH/USD charts
Market participants await a decisive break above the $2,520-$2,550 zone for confirmation of bullish momentum
Ethereum's Technical Landscape
Following a descent that underperformed Bitcoin's market movement, Ethereum found footing near $2,379. The subsequent rebound surpassed the 50% Fibonacci retracement level drawn from the recent swing high at $2,562 to the $2,379 low. While the recovery extended beyond $2,500, selling pressure emerged near the $2,520 threshold.
The current technical setup presents mixed signals. The presence below both the $2,500 level and 100-hour simple moving average suggests lingering bearish pressure. However, the formation of an ascending channel with support near $2,480 indicates some underlying buying interest. The 76.4% Fibonacci retracement level around $2,520 coincides with the 100-hour moving average, creating a confluence resistance zone.
Should buying momentum intensify, initial resistance appears at $2,550, followed by more significant barriers at $2,600 and $2,650. A convincing breakthrough above these levels could potentially open the path toward $2,750, though such movement would require substantial volume support.
Potential Downside Scenarios
Failure to overcome the $2,520 resistance might trigger renewed selling pressure. Immediate support resides near $2,480 within the ascending channel pattern. A breach below this level could test the $2,420 support zone, which previously acted as both resistance and support during recent price action.
Further weakness below $2,420 might lead to a retest of the $2,380 swing low. Continued selling pressure could potentially extend losses toward $2,320 and $2,250, though such movement would require significant shifts in market sentiment.
Technical Indicators
Hourly MACD – The Moving Average Convergence Divergence indicator shows fading bullish momentum in recent sessions.
Hourly RSI – The Relative Strength Index currently hovers near the neutral 50 level, reflecting balanced buying and selling pressure.
Critical Support Zone – $2,450-$2,480
Key Resistance Area – $2,520-$2,550
