As a seasoned researcher with years of experience in the crypto market, I find myself constantly monitoring the price movements of Ethereum (ETH). Today, it appears that ETH has corrected its gains and is testing the crucial $2,400 support level. The short-term rising channel forming on the hourly chart indicates a potential consolidation phase before another fresh increase above the $2,465 resistance.
The Ethereum price temporarily adjusted its growth and checked the $2,400 support level. Currently, Ethereum appears to be stabilizing and could potentially push higher, attempting to break past the $2,465 resistance point.
- Ethereum started a downside correction below the $2,500 zone.
The price is trading just above $2,430 and the 100-hourly Simple Moving Average.
There is a short-term rising channel forming with support at $2,420 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 Holds Support
The cost of Ethereum didn’t manage to rise past the $2,500 barrier, instead, it began a decline similar to Bitcoin and dropped below the $2,465 support level.
Additionally, the price dipped under the $2,420 point. This dip reached the 50% Fibonacci retracement mark of the upward trend that started from the $2,310 low and peaked at $2,519. It appears as though the bulls are now taking steps to prevent further drops below the $2,400 support level.
Currently, Ethereum’s price hovers slightly above $2,430 and the 100-hour moving average. On the positive side, Ethereum appears to encounter resistance around the $2,465 mark. Additionally, a temporary rising channel is forming on the hourly chart for ETH/USD with support at $2,420.
If the price surpasses the $2,465 barrier, it might push Ethereum towards the $2,500 resistance. Overcoming the $2,500 resistance could indicate further growth in the upcoming trading sessions. In such a scenario, Ether could potentially reach the $2,600 resistance area soon. The next challenge would likely be found around the $2,650 or $2,665 mark.
More Losses In ETH?
If Ethereum doesn’t manage to surpass the $2,465 barrier, it might trigger another drop. A potential cushion during this descent could be around $2,420. The primary significant support lies in the vicinity of $2,390 or the 61.8% Fibonacci retracement level of the upward swing from the $2,310 low to the $2,519 high.
Moving lower than the $2,390 support could lead the price to drop towards $2,325. Further declines may cause it to reach the nearby $2,240 support. The significant support level in the near future is located at $2,120.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $2,390
Major Resistance Level – $2,465
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2024-10-09 06:42