Ethereum Price Recovery: Bulls Step in Near $2,550, Faces Hurdles at $3,200
The price of Ethereum took a sharp dive of over 10% before finding support near $2,550, but now it is back above $3,000 and facing multiple hurdles near $3,200. The cryptocurrency is currently attempting a recovery wave from the recent support zone.
After starting a major decline from the $3,550 resistance, Ethereum plummeted below $3,000 and even briefly dipped below $2,750 before finding support at $2,550. However, the price has since climbed back above $3,000 and is now trading below $3,250 and the 100-hourly Simple Moving Average.
There is a rising channel forming with resistance at $3,200 on the hourly chart of ETH/USD, indicating that the cryptocurrency could face challenges in breaking through the $3,200 level. The first major resistance is near $3,250, with the next key resistance at $3,300. If Ethereum manages to surpass these levels, it could test the $3,360 and $3,500 resistance levels.
On the other hand, if Ethereum fails to clear the $3,250 resistance, it could see another decline. Initial support is near the $3,080 level, with major support at $3,000 and the next key support at $2,880. A break below $2,880 could send the price towards $2,750 and potentially even lower.
Overall, Ethereum is currently at a critical juncture as it attempts to recover from its recent price drop. Traders and investors will be closely watching to see if the cryptocurrency can break through the key resistance levels and gain bullish momentum, or if it will face further downside pressure.
