As a seasoned researcher with years of experience in the cryptocurrency market, I have seen my fair share of bull and bear runs. The recent decline in Ethereum price has been no exception, as it tested the crucial $2,450 support zone before starting a recovery.
As an analyst, I’ve observed that the value of Ethereum has continued to dip, testing the $2,450 support area. Currently, Ethereum is trying to regain its losses and push forward, but it’s facing challenges in breaking past the $2,550 resistance level.
- Ethereum started a recovery wave from the $2,450 zone.
- The price is trading below $2,560 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance at $2,540 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh increase if it clears the $2,580 and $2,600 resistance levels.
Ethereum Price Starts Recovery
The cost of Ethereum dropped significantly below the $2,550 mark, similar to Bitcoin. At one point, it reached a minimum of $2,445, but has since begun to rebound.
The price of ETH surpassed the $2,500 mark and climbed slightly higher than its initial position. This rise exceeded the 23.6% Fibonacci retracement level of the downward trend from the peak of $2,760 to the trough of $2,445. Additionally, there was a breakthrough of a significant bearish trend line that previously capped at $2,540 on the hourly ETH/USD chart.
Currently, the cost of Ethereum is being transacted under $2,560 and below its 100-hour moving average. As for potential growth, it appears that there may be barriers at the $2,560 mark that the price is struggling to surmount.
Approaching the $2,580 mark and the 100-hour moving average, a significant barrier has emerged. A key resistance is currently being shaped around $2,600, which also aligns with the halfway point (50%) of the downward trend from the $2,760 peak to the $2,445 trough.
If Ether manages to push past the $2,600 barrier, it may indicate further growth towards the $2,750 resistance level in the upcoming periods.
Another Decline In ETH?
Should Ethereum find it challenging to surpass the $2,560 mark as a hurdle, there’s a potential for another dip in its price. A tentative floor might emerge around the $2,505 level during this descent. The first significant support lies roughly within the $2,485 region.
If the price falls significantly below the $2,485 resistance point, it could potentially drop to around $2,450. Further losses might cause the price to reach the nearby $2,420 support. The significant support level in the short term is at $2,340.
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 – $2,500
Major Resistance Level – $2,580
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2024-10-25 06:40