Weekly Ethereum Outlook: Ethereum recovers from a key support level despite macroeconomic challenges:

- Technical Outlook: Major support remains strong:
On the weekly chart, the second-largest cryptocurrency by market cap has declined by 3.5% so far this week, trading at $2,280 on Friday.
If Bitcoin finds support around the previous broken weekly support level at $2,184 and resumes its recovery, gains could extend toward the 200-week exponential moving average at $2,547.
The Relative Strength Index (RSI) indicates 43 on the weekly chart, trending upward toward the neutral 50 level after bouncing from oversold territory, suggesting waning bearish momentum. The Moving Average Convergence Divergence (MACD) on the same chart shows a bullish crossover in mid-April that remains valid, with increasing green bars supporting this bullish trend.
Weekly ETH/USDT Chart
On the daily chart, Ethereum's price remains above the 50-day exponential moving average at $2,245 but is still confined below the 100-day EMA at $2,345 and the 38.2% Fibonacci retracement level (drawn from the January high to the February low) at $2,367. This indicates a somewhat neutral trend within the broader parallel horizontal channel, with the price trading above the previous channel top at $2,148 but lacking enough strength to break through the upper retracement range.
Momentum is mixed, with the daily RSI hovering near the neutral 50 level, while the MACD remains negative, indicating waning bullish pressure despite holding above the short-term EMA support.
On the downside, initial support is seen at the 50-day EMA near $2,245, with additional protection from the previous channel ceiling at $2,148 and the 23.6% Fibonacci retracement at $2,130. Breaking this range would expose the channel's base near $1,747.
On the upside, bulls face an initial hurdle at the 100-day EMA at $2,345, followed by the 38.2% Fibonacci retracement at $2,367. Continued movement above these barriers could open the way toward the 50% Fibonacci retracement at $2,558, then the 200-day EMA at $2,614, with the 61.8% Fibonacci retracement at $2,749 serving as a further target.
Daily ETH/USDT Chart
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