Can Our Heroine’s Worth Rise Above £2,700? Or Shall She Succumb To Society’s Pressure? 🕴️💰

by

Dear reader, let us delve into the tale of our heroine, Ethereum, who strives to escape the clutches of the £2,500 zone. Should she conquer the formidable £2,740 resistance, her worth shall soar, and the bulls shall rejoice.

  • Ethereum, alas, began her descent below the £2,700 level, much to the dismay of her admirers.
  • Our fair maiden trades below £2,700 and the 100-hourly Simple Moving Average, a plight indeed.
  • A bearish trend line forms, casting a shadow upon her prospects, with resistance at £2,700 on the hourly chart of ETH/USD (data feed via Kraken).
  • Should she triumph over £2,700 and £2,740, a delightful upward journey may ensue.

Ethereum Seeks Redemption Amidst Tempestuous Waters

Our heroine attempted to rise above the £2,920 resistance but was thwarted by the capricious winds that beset both her and her noble companion, Bitcoin. ETH tumbled below £2,800 and £2,700, plunging into a bearish abyss.

Yet hope springs eternal, for the price dipped and tested the 50% Fib retracement level of the upward wave from the £2,125 nadir to the £2,922 zenith. The bulls rallied near the £2,525 mark, and our maiden now seeks to ascend above the £2,600 barrier.

Ethereum remains ensnared below £2,700 and the 100-hourly Simple Moving Average. Alas, a bearish trend line looms, casting its shadow upon her prospects.

On the horizon, our fair maiden faces challenges near the £2,700 level. The first obstacle lies at £2,740, with the ultimate hurdle forming near £2,850 or £2,910. Should she surmount the £2,910 resistance, her worth may soar toward the £2,950 resistance.

A triumphant ascent beyond the £2,950 resistance could herald further gains. In such a scenario, our heroine may ascend toward the £3,000 resistance zone or even £3,050 in the near term.

Shall Our Heroine Face Another Demise?

Should Ethereum falter at the £2,700 resistance, another descent may ensue. Initial support awaits near the £2,600 level, with the first major sanctuary situated near the £2,525 mark.

A breach below the £2,525 support may propel the price toward the £2,440 refuge or the 61.8% Fib retracement level of the upward wave from the £2,125 nadir to the £2,922 zenith. Further losses might drive our maiden toward the £2,350 support level. The next vital sanctuary lies at £2,240.

Technical Indicators

Hourly MACD – The MACD for ETH/USD loses momentum in the bearish realm.

Hourly RSI – The RSI for ETH/USD now resides above the 50 zone.

Major Support Level – £2,525

Major Resistance Level – £2,700

Read More

2025-02-11 06:45