Ethereum (ETH) Price Analysis: Renewed Strength Finds Support at $2440, Targeting $2620 Resistance

Ethereum has been showing renewed strength in recent trading sessions, finding solid support around the $2,440 level before starting a fresh increase.

Ethereum price has shown renewed strength in recent trading sessions as the second-largest cryptocurrency found support around $2,440 before starting a fresh increase.

After dropping to lows of $2,442, buyers emerged and pushed the cryptocurrency higher. This led to a recovery of the $2,500 mark amid rising buying pressure from whale accounts.

At the time of writing, ETH is trading at $2,580 as it erodes the 50% Fibonacci retracement level of the downward wave from the $2,615 swing high to the $2,442 low.

A connecting bullish trend line has formed with support at $2,500 on the hourly chart of ETH/USD.

Ethereum is now trading above $2,520 and the 100-hourly Simple Moving Average. The upward momentum coincides with declining exchange supply, which has reached its lowest point since August 2024.

Since April 24, more than 1 million ETH have left exchanges for private wallets, suggesting increased long-term holding behavior among investors.

Despite the dominant spot buying pressure, ETH continues to move range-bound near the $2,500 mark.

Trading volume increases whenever prices move below or above this level, making $2,500 a critical threshold that could determine Ethereum’s next major trend.

Looking at the technical indicators, the Relative Strength Index (RSI) is trending horizontally near the overbought region, indicating slight weakness in the bullish momentum.

Meanwhile, the Moving Average Convergence Divergence (MACD) is testing its moving average line as its histogram bars approach negative territory.

On the upside, Ethereum could face resistance near $2,620, with the next key resistance around $2,650. The first major resistance sits near the $2,720 level.

A clear move above $2,720 might push the price toward $2,840. Breaking through this resistance could open the path to $2,920 or even the psychologically important $3,000 level in the near term.

If Ethereum fails to clear the $2,620 resistance, it might start a fresh decline. Initial support is near $2,525, with major support at $2,500 and the trend line.

A move below $2,500 could push the price toward $2,440. Further losses might send ETH toward $2,420 or even $2,350 in the near term.