As a seasoned researcher with years of experience in the cryptocurrency market, I can confidently say that Ethereum’s current price action is exhibiting a mix of bullish and bearish signals.
In my analysis, I found that Ethereum‘s price didn’t manage to push beyond the $2,550 barrier, indicating a potential reversal in its upward trend. Now, Ethereum is hovering around $2,450 and displaying some bearish indicators.
- Ethereum started a recovery wave above the $2,400 and $2,420 levels.
The price is trading below $2,550 and the 100-hourly Simple Moving Average.
There was a break below a connecting bullish trend line with support at $2,500 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could rise steadily if it clears the $2,550 resistance zone.
Ethereum Price Struggles Below $2,550
The cost of Ethereum began a rebound surge, surpassing the $2,250 barrier that previously served as resistance. In much the same way Bitcoin moved past the $65,000 mark, ETH also scaled over the hurdles at $2,320 and $2,450.
Despite being active around the $2,550 resistance area, where a peak of $2,555 was reached before a reversal, the price subsequently dropped below $2,450. It even fell beneath the 23.6% Fibonacci retracement line of the upward trend from the $1,911 low to the $2,555 high.
Additionally, the Ethereum-to-US-Dollar pair experienced a drop beneath a bullish trend line providing support at $2,500 as shown on the hourly chart. This level was tested at $2,320, but the pair has since started to increase.
As an analyst, I’m observing that Ethereum’s current trading price remains below the $2,550 mark and also falls short of the 100-hour Simple Moving Average. On the positive side, potential obstacles lie ahead at the $2,500 level. The primary resistance levels can be found near $2,550 and coincide with the 100-hour Simple Moving Average.
If Ether manages to rise above the $2,550 mark, it could encounter a resistance at around $2,685. Should it surpass this resistance as well, there’s a possibility that it might push further towards the $2,865 resistance in the near future. A break above $2,865 could potentially propel the price upwards, aiming for the $3,000 resistance area in the short term.
Another Decline In ETH?
If Ethereum doesn’t manage to break through the $2,550 barrier, there’s a possibility it might initiate another drop. Its initial support can be found around $2,350, while significant support lies in the vicinity of the $2,300 region.
If the price falls below the $2,300 support, it could potentially drop to around $2,150, which is close to the 61.8% Fibonacci retracement level of the upward trend from the $1,911 low to the $2,555 high. Further declines might lead to the $2,120 support in the immediate future. A crucial support level can be found at $2,050.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $2,300
Major Resistance Level – $2,550
Read More
- CORE PREDICTION. CORE cryptocurrency
- Top gainers and losers
- SYS PREDICTION. SYS cryptocurrency
- KUNCI PREDICTION. KUNCI cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- CFG PREDICTION. CFG cryptocurrency
- Best coins for today
- DOGE PREDICTION. DOGE cryptocurrency
- THOR PREDICTION. THOR cryptocurrency
- STFX PREDICTION. STFX cryptocurrency
2024-08-08 06:22