As a seasoned crypto investor with a knack for spotting trends and understanding market dynamics, I find myself optimistic about Ethereum’s current surge above $2,320. While the immediate resistance at $2,400 looms large, the break above the short-term declining channel is a promising sign.
As a market analyst, I’m observing a fresh uptrend in Ethereum‘s price, currently hovering above $2,320. To sustain this positive trajectory in the short-term, Ethereum needs to surmount the resistance at $2,400.
- Ethereum is attempting a recovery wave above the $2,320 zone.
The price is trading above $2,350 and the 100-hourly Simple Moving Average.
There was a break above a short-term declining channel with resistance at $2,350 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must clear the $2,400 resistance to continue higher in the near term.
Ethereum Price Eyes Upside Break
The cost of Ethereum held steady above the $2,250 mark, forming a foundation. Following this, it began another surge that surpassed the $2,300 threshold, much like Bitcoin.
As a crypto investor, I observed an exciting development in the ETH/USD hourly chart: We broke above a temporary downtrend channel with a resistance at around $2,350. The pair briefly moved beyond $2,380, but it couldn’t surpass the stronger resistance level of $2,400. A peak was formed at $2,390, and now we seem to be consolidating.
As a crypto investor, I find myself in a position where Ethereum’s price is hovering around the 23.6% Fibonacci retracement level of its upward journey from the $2,278 swing low to the $2,390 high. Currently, the ETH price stands above $2,320 and comfortably above the 100-hour Simple Moving Average.
Positively speaking, the price appears to be encountering obstacles around the $2,380 point. The initial significant barrier is around $2,400. If we manage to close above $2,400, Ether could potentially move towards the resistance at $2,450. Further up, a breach above $2,500 could lead to further gains aiming for the $2,550 resistance area in the short term.
Another Decline In ETH?
If Ethereum doesn’t manage to surpass the $2,380 barrier, it may initiate a new short-term drop. A potential first line of defense on the downside can be found around $2,350. The primary support level lies in the vicinity of the $2,330 zone or at the 50% Fibonacci retracement point of the upward trend from the $2,278 low to the $2,390 high.
If the price falls significantly below the $2,330 resistance point, it could potentially slide down to around $2,250. Further drops might cause it to approach the short-term support of $2,200. The crucial support level in the near future is expected at approximately $2,120.
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 above the 50 zone.
Major Support Level – $2,330
Major Resistance Level – $2,400
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2024-09-12 06:40