Ethereum's Price Faces Resistance at $2,660 After 10% Gain

Ethereum's price has recently shown signs of a fresh increase, starting from the $2,470 zone. The cryptocurrency has managed to surpass the $2,500 and $2,540 resistance levels, indicating a bullish momentum. However, the price is currently facing resistance near the $2,650 and $2,660 levels, which could potentially hinder further upward movement.

Despite the recent recovery, Ethereum's price has struggled to maintain its upward trajectory, with bears actively resisting below the $2,660 resistance zone. The price has since moved lower below the $2,600 level, indicating a potential shift in market sentiment. There was a break below a short-term rising channel with support at $2,580 on the hourly chart of ETH/USD, which could signal further losses if the price trades below the $2,545 support zone in the near term.

On the upside, Ethereum's price could face resistance near the $2,620 level, with the next key resistance near the $2,650 level. The first major resistance is near the $2,660 level, which is near the 61.8% Fib retracement level of the downward move from the $2,788 swing high to the $2,470 low. A clear move above the $2,660 resistance might send the price toward the $2,720 resistance, with an upside break above the $2,720 resistance potentially calling for more gains in the coming sessions. In this scenario, Ethereum could rise toward the $2,780 resistance zone or even $2,880 in the near term.

However, if Ethereum fails to clear the $2,660 resistance, it could start a fresh decline. Initial support on the downside is near the $2,545 level, with the first major support sitting near the $2,500 zone. A clear move below the $2,500 support might push the price toward the $2,470 support, with any more losses potentially sending the price toward the $2,420 support level in the near term. The next key support sits at $2,350.

Technical indicators suggest that the MACD for ETH/USD is gaining momentum in the bearish zone, while the RSI for ETH/USD is now near the 50 zone. The major support level is at $2,545, while the major resistance level is at $2,660. These indicators suggest that Ethereum's price is currently in a state of flux, with bulls and bears vying for control of the market. The outcome of this struggle will likely determine the direction of Ethereum's price in the near term.