Ethereum Price Analysis: Bulls Battle Bears Near $2660

Ethereum (ETH) price action is currently characterized by a battle between buyers and sellers around the $2660 resistance level. After a recovery from the $2470 support, ETH experienced a surge above $2500, surpassing both the $2500 and $2540 resistance levels. This increase also saw ETH briefly clear the 50% Fibonacci retracement level of its previous drop from $2788 to $2470. However, the upward momentum stalled below the $2660 resistance, indicating a potential resurgence of bearish pressure. The price has since retreated below $2600, breaking below a short-term rising channel with support at $2580. Should the price fail to break above $2660, further declines are anticipated, with initial support levels at $2545 and $2500. A breach below $2500 could trigger a more significant drop towards $2470 and potentially $2420, with a key support level at $2350. Conversely, a decisive break above $2660 could propel the price towards $2720, potentially opening the path to $2780 and even $2880. Technical indicators present a mixed picture. The hourly MACD shows bearish momentum, while the RSI is near the 50 level, suggesting neither strong bullish nor bearish dominance. The current situation highlights the importance of the $2660 resistance level for determining the short-term direction of the Ethereum price. The $2545 level provides crucial support for buyers, while sellers will eye a break below $2500 to confirm further downward movement. The next few days will be critical for determining whether the bulls can regain control or if the bears will continue their downward pressure.

(Source: https://www.newsbtc.com/analysis/eth/ethereum-price-aims-upside-2660/)