Ethereum Price Dips Again: Is This a Buying Opportunity?

The Ethereum price surged beyond the $2,500 mark and is currently pulling back. It may find a stable point around the $2,400 region.

    Ethereum started a downside correction from the $2,520 zone.
    The price is trading below $2,450 and the 100-hourly Simple Moving Average.
    There was a break below a key bullish trend line with support at $2,450 on the hourly chart of ETH/USD (data feed via Kraken).
    The pair must stay above the $2,400 support level to start another increase in the near term.

Ethereum Price Corrects Gains

The cost of Ethereum continued climbing beyond the $2,400 threshold, surpassing its previous resistance at $2,450 and finding itself in a favorable position similar to Bitcoin. Notably, it managed to break through the hurdle set by the $2,500 resistance zone.

Despite reaching activity levels above $2,500, the bears took over and a peak was reached at $2,519. This marked the start of a downward adjustment in price. The support level of $2,450 was breached, and the price dropped below the 23.6% Fibonacci retracement line of the upward trend that began at the $2,311 low and peaked at $2,519.

In addition, there was a drop beneath a significant bullish trend line that offered assistance at $2,450 on the hourly Ethereum/USD chart. Currently, Ethereum’s price is trading under $2,450 and below the 100-hour Simple Moving Average.

As a crypto investor, I’m finding solace in the fact that the bulls are safeguarding the 50% Fibonacci retracement level, which is at around $2,430. This level marks a potential support following our upward swing from the $2,311 low to the $2,519 high. On the flip side, I see the price encountering challenges as it nears the $2,450 resistance. If we manage to break through this barrier, it could propel us toward the next resistance at $2,500.

Ethereum Price Dips Again: Is This a Buying Opportunity?

As a crypto investor, I’m excited about the potential for an upward break above the $2,500 barrier, which could pave the way for further gains in the upcoming trading sessions. If this happens, Ether might surge towards the resistance zone around $2,580 in the short term. However, it’s important to note that significant challenges lie ahead at approximately $2,650 or possibly $2,665, which could potentially act as new obstacles for further price increases.

More Losses In ETH?

Should Ethereum not manage to surpass the $2,450 barrier, there’s a possibility of another drop. A potential cushion in this decline might be found around $2,420. The primary significant support could lie within the vicinity of the $2,400 region.

Moving below the $2,400 threshold could potentially drive the price down to around $2,320. Further declines may lead us to the nearby $2,250 support. The significant support level lies at approximately $2,120 in the short term.

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 – $2,400

Major Resistance Level – $2,450

Read More

Sorry. No data so far.

2024-10-08 06:40