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Ethereum News: Price Rally and Resistance Hurdles
Ethereum’s price has recently initiated a recovery, beginning its ascent from the $2,470 mark. As the leading altcoin battles key resistance levels around $2,650 and $2,660, enthusiasts are keenly watching whether Ethereum can sustain this upward trajectory. Ethereum news today focuses on this fresh momentum which sees the digital currency trading above the $2,500 mark, also surpassing the 100-hourly Simple Moving Average.
Challenges in Sustaining the Rise
Despite the positive Ethereum news, the cryptocurrency experienced a setback as it dipped below the $2,600 level after failing to maintain a short-term rising channel with support at $2,580. This indicates potential volatility and resistance that could hinder the immediate bullish trends. The next significant resistance is pegged near the $2,660 level, coinciding with the 61.8% Fib retracement level from a recent high swing of $2,788 to a low of $2,470.
Potential for Further Gains
Should Ethereum manage a clear break above the $2,660 resistance, it might climb towards $2,720, setting the stage for further gains. If this scenario unfolds, Ethereum could potentially target the $2,780 zone, or even push towards $2,880 in the near term. Such movements would significantly bolster the bulls’ control over the market.
Risks of a Downward Correction
Conversely, if Ethereum fails to surpass the $2,660 resistance, there’s a risk of a fresh decline. Initial support lies near the $2,545 level, with more robust support at the $2,500 zone. A break below this could lead Ethereum to retest the $2,470 support, and possibly extend losses towards the $2,420 level, or even down to $2,350.
Technical Indicators
The Hourly MACD for ETH/USD is currently showing momentum in the bearish zone, while the Hourly RSI (Relative Strength Index) hovers around the 50 mark, suggesting a balanced but cautious market sentiment.
For more detailed updates and Ethereum news, consider visiting [Financier News](https://www.financier.news/).
Those interested in broader cryptocurrency trends and specific trading insights may find valuable information on [Binance](https://www.binance.com/).
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