Ethereum Price Prediction: Is a Breakthrough of $2,580 Imminent? Key Support Level Under Test

Market Review: Ethereum Resumes Uptrend After successfully breaking through the key resistance level of $2,520, the price of Ethereum has initiated a new round of upward movement, becoming a bullish signal for ETH. Currently, the price is undergoing a technical correction, and after building momentum, it is expected to challenge the area above $2,580 again (Ethereum breakout target).

Key support level is being tested Similar to Bitcoin, Ethereum previously broke through the $2,550 area effectively (ETH/USD trend). The price accelerated upward and successfully broke through the $2,565 resistance level, entering a bullish zone.

Bulls once pushed the price to break through an important technical level: the 61.8% Fibonacci retracement level of the downtrend from the $2,636 swing high to the $2,475 low. However, bears continued to apply pressure in the $2,600 strong resistance area (ETH Bear Defense), limiting further gains.

The price has encountered significant selling pressure near the 76.4% Fibonacci retracement level of the same downward trend. Currently, the Ethereum price has pulled back below $2,550 and is below the 100-hour moving average.

Currently, ETH is testing the support strength of $2,520 (ETH short-term support test). Notably, a key bullish trend line has formed on the ETH/USD hourly chart, with its support level at $2,530 (ascending trend line support).

Upward Resistance and Breakthrough Target If the price restarts its upward trend:

• ETH short-term resistance level: initial resistance is in the $2,550 area
• ETH breaks through key level: next key resistance is around $2,580
• ETH Bull-Bear Inflection Point: The primary strong resistance is at the $2,600 mark.
• Decisive breakthrough at $2,600 resistance (ETH bullish catalyst) may drive the price to test the $2,650 resistance level.
• A valid breakout above $2,650 indicates an increase in ETH’s upward momentum, suggesting greater upward potential. Ethereum is expected to challenge the $2,720 resistance zone in the short term, and even aim for the $2,800 target (Ethereum short-term target).

Downside Risks and Support Levels If Ethereum fails to break through the $2,580 resistance:

• May trigger a new round of correction (ETH correction risk warning).
• Initial downside support is around $2,520 (ETH short-term defense level).
• The primary strong support is located in the $2,500 area (ETH long and short key support).
• Clear break below $2,500 support (ETH bearish signal) may drive the price down towards the $2,450 support level.
• If selling pressure continues, the price may further test the $2,350 support level (ETH deep pullback target) in the short term, with the next key support at $2,320 (Ethereum long-term support level).

Technical Indicator Interpretation

• Hourly MACD: The MACD indicator for ETH/USD is in the bearish zone, with increasing momentum (MACD bearish divergence).
• Hourly RSI: The RSI indicator for ETH/USD has now dropped below the neutral zone of 50 (RSI weakening signal).
• Main Support Level: $2,520 (ETH Intraday Key Support)
• Main Resistance Level: $2,600 (ETH Intraday Key Resistance)