Ethereum Price Aims at Recovery – Will ETH Surpass $2,580?

Ethereum (ETH) is trying a new higher move after rebounding from significant support around the $2,520 region. Although ETH faces some resistance ahead, positive signals are starting to emerge.

Ethereum Grasps Key Support

Ethereum recently rose back above the $2,520 level, mirroring Bitcoin's movement. The bulls forced ETH past the $2,565 resistance level, making sentiment slightly more optimistic.

ETH went on to violate the 61.8% Fibonacci retracement of the $2,636 swing high to the $2,475 low. Nonetheless, selling pressure emerged in the $2,600 resistance zone.

The rally was stopped at the 76.4% Fib retracement of the latest decline. Ethereum currently trades below $2,550 and the 100-hourly Simple Moving Average (SMA).

ETH is once again probing the $2,520 support, with a bullish trend line in the $2,530 region on the ETH/USD hourly chart (data feed through Kraken).

What's Next for Ethereum Price?

On the higher side, Ethereum is met with resistance at $2,550 immediately. The subsequent significant hurdles are at $2,580 and $2,600. A sustained breakout above $2,600 would take ETH to the $2,650 region.

A convincing breakout above $2,650 could then pave the way for more gains, potentially toward the $2,720 and even $2,800 levels in the short term.

Bearish Scenario: More Losses to Come?

In case Ethereum is unable to breach the $2,580–$2,600 resistance level, it may set off a new downturn. The first line of support stands at $2,520, with a more solid floor at $2,500.

A downward break below $2,500 could pull ETH down to $2,450, with additional declines exposing the $2,350 and $2,320 support levels.

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