The Ethereum price has begun a rebound from the $2,400 region. However, it’s currently having trouble picking up speed to surpass the $2,600 resistance point.
- Ethereum started a recovery wave above $2,500 and $2,550.
The price is trading below $2,550 and the 100-hourly Simple Moving Average.
There was a break above a key bearish trend line with resistance at $2,550 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must stay above $2,485 to start another increase in the near term.
Ethereum Price Attempts Recovery
As a researcher, I’ve noticed that the value of Ethereum has maintained a steady position above the $2,400 mark, showing signs of recovery similar to Bitcoin. Remarkably, it managed to surpass the resistance levels set at $2,480 and $2,500.
Previously, the price climbed beyond the 23.6% Fibonacci retracement mark of the downward wave that started from the peak of $2,792 to the trough of $2,395 in ETH/USD. It also exceeded the significant resistance at $2,550. Moreover, there was a breach above a notable bearish trend line with a resistance at $2,550 on the hourly chart of ETH/USD.
Nevertheless, the bears remained active in the vicinity of the $2,600 resistance point. They took measures to preserve the 50% Fibonacci retracement level stemming from the price peak at $2,792 and the trough at $2,395.
Currently, Ethereum’s price is trading below $2,580 and also under its 100-hour Simple Moving Average. As for potential upswings, Ethereum appears to encounter challenges around $2,550 and the same 100-hour SMA. The primary obstacle on the rise lies at approximately $2,600. A successful close above this level could potentially drive Ether toward the $2,660 resistance.
In simpler terms, if we surpass the current resistance at approximately $2,720, it could potentially push the price upward, aiming for around $2,820 in the short term, as this area is currently seen as a potential resistance zone.
Another Decline In ETH?
Should Ethereum not manage to surpass the $2,600 barrier, it might initiate a new drop. A potential first line of defense can be found around $2,500. The primary significant support lies roughly in the $2,485 region.
If the price drops below the $2,485 resistance, it may slide down to around $2,420. At this point, buyers could potentially re-enter the market. Further losses might cause the price to approach the near-term support level of $2,320. The crucial support in the short term is at $2,250.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $2,485
Major Resistance Level – $2,600
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2024-08-30 06:42