The Solana news TomorrowEthereum market has shown renewed strength after bouncing from the $2,520 support area. Currently undergoing a minor correction, ETH appears poised for another attempt at breaking through the $2,580 resistance barrier.
ETH successfully established support above the $2,520 threshold.
Current trading activity remains below both the $2,550 level and the 100-hour moving average.
A significant bullish trend line is developing with support near $2,530 on the ETH/USD hourly chart (Kraken data).
Maintaining position above $2,520 could signal the beginning of another upward movement.
Ethereum's Technical Landscape
Following Bitcoin's lead, Ethereum demonstrated strength by pushing through the $2,550 resistance. The subsequent rally carried ETH past the $2,565 barrier, establishing positive momentum in the market.
The upward movement reached the 61.8% Fibonacci retracement level from the recent swing high of $2,636 to the low of $2,475. However, selling pressure emerged near the $2,600 resistance zone, preventing further advancement.
Price action encountered resistance at the 76.4% Fib level before retreating below both the $2,550 mark and the 100-hour moving average. The current test of the $2,520 support coincides with the formation of a bullish trend line at $2,530 on the hourly chart.
Looking ahead, immediate resistance appears at $2,550, followed by more significant barriers at $2,580 and $2,600. A decisive break above $2,600 could open the door for a test of the $2,650 resistance level.
Should ETH successfully surpass $2,650, additional upside potential exists toward the $2,720 and $2,800 price zones in subsequent trading sessions.
Potential Downside Scenarios
Failure to overcome the $2,580 resistance might trigger another downward movement. Initial support lies at $2,520, with more substantial support emerging near $2,500.
A breach below $2,500 could see ETH testing the $2,450 support level, with potential further declines toward $2,350 if selling pressure intensifies. The next significant support zone appears at $2,320.
Technical Indicators Overview
Hourly MACD – The moving average convergence divergence indicator shows increasing bearish momentum.
Hourly RSI – The relative strength index currently sits below the neutral 50 level.
Primary Support Zone – $2,520
Key Resistance Area – $2,600
