The Ethereum price found it challenging to push beyond the resistance at $2,750 and has since retreated from its gains. Currently, Ethereum is having difficulty rebounding and moving upward again above the $2,650 level.
- Ethereum started a downside correction below the $2,650 support.
- The price is trading below $2,650 and the 100-hourly Simple Moving Average.
- There was a break above a connecting bearish trend line with resistance at $2,620 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh increase if it clears the $2,650 and $2,680 resistance levels.
Ethereum Price Starts Consolidation
The cost of Ethereum began a decline following its resistance at around $2,750, similar to Bitcoin. Notably, Ethereum’s price dipped below the $2,700 and $2,650 support levels, indicating a temporary bearish trend.
The cost dipped to as little as $2,605 and is now holding steady amid losses. There was a slight uptick beyond the $2,620 mark. The cost nearly touched the 23.6% Fibonacci retracement level during the downward trend from the peak of $2,757 to the low of $2,605.
Additionally, an upward break occurred beyond a linking bearish trend line offering resistance at approximately $2,620 on the ETH/USD hourly chart. Yet, the value seems to be facing difficulties in building up positive momentum.
Currently, Ethereum’s price is lower than $2,650 and also beneath its 100-hour Simple Moving Average. As for potential upward movement, it appears that Ethereum encounters obstacles around the $2,650 mark. The primary barrier for further increase lies at approximately $2,700 level, which is close to the 50% Fibonacci retracement point of the downward trend from the peak of $2,757 to the trough of $2,605.
If Ether manages to break through the current resistance at $2,700, it may potentially climb towards the next resistance at around $2,800 in the short term. Beyond this, potential obstacles lie near $2,850 or $2,880.
More Downsides In ETH?
As an analyst, if Ethereum doesn’t manage to surpass the $2,650 barrier, there might be a potential for another downtrend. A initial cushion on the lower side can be found around the $2,600 mark. The first substantial support lies in the vicinity of the $2,550 zone.
If the price drops significantly below the $2,550 resistance point, it could potentially fall to around $2,500. Further declines might lead the price to approach the nearby support at $2,440. The critical support level that follows is situated at approximately $2,420.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $2,600
Major Resistance Level – $2,650
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2024-10-23 06:40