As a seasoned researcher with years of experience tracking cryptocurrency markets, I have seen countless cycles of bullish and bearish trends. The current situation with Ethereum is reminiscent of a game of ping-pong – it seems to be constantly bouncing between key resistance and support levels.
The Ethereum price has begun a rebound, surpassing the $2,320 barrier. However, Ethereum is currently facing difficulty in picking up speed to break through the $2,385 resistance level.
- Ethereum started another decline from the $2,385 resistance.
The price is trading below $2,350 and the 100-hourly Simple Moving Average.
There was a break above a short-term declining channel with resistance at $2,290 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must clear the $2,350 resistance to continue higher in the near term.
Ethereum Price Attempts Recovery
The cost of Ethereum stabilized around $2,250 and then began a new surge similar to Bitcoin. Notably, Ethereum managed to break through the resistance at $2,300 and $2,320.
On the hourly ETH/USD chart, there was a rise beyond a temporary falling trendline with a resistance at around $2,290, which previously served as support. Furthermore, the pair surpassed the halfway point (50%) of the recent drop from the $2,465 peak to the $2,252 trough in its upward movement.
Initially, the price soared beyond $2,260, but then it started to drop as the bears emerged. There was a refusal or reversal at approximately the 61.8% Fibonacci retracement level of the decline from the peak of $2,465 to the trough of $2,252.
Currently, Ethereum’s trading value is below $2,350 and also under its 100-hour moving average. As for upward movement, it appears to encounter challenges around the $2,340 mark. The first significant resistance can be found at approximately $2,385, with another key hurdle at roughly $2,420.
If Ether manages to push past its current resistance at around $2,420, we might expect further increases, potentially reaching the $2,450 resistance area soon. Beyond that, a key challenge may arise close to the $2,550 mark in the near future.
Another Decline In ETH?
Should Ethereum not manage to surpass the $2,340 barrier, there’s a possibility of a short-term drop. A potential floor could be found around $2,300 initially. The significant support level lies in the vicinity of $2,250.
As a researcher, I’m suggesting that if the price drops below the $2,250 mark, it could potentially head towards $2,180. Further losses might indicate a move towards the nearby $2,120 support level in the short term. The critical support level to watch out for is at $2,050.
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 above the 50 zone.
Major Support Level – $2,300
Major Resistance Level – $2,385
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2024-09-18 06:40