As a seasoned researcher with over a decade of experience in the cryptocurrency market, I find myself intrigued by Ethereum’s current position. The price is showing positive signs, but it seems to be hitting a roadblock near $2,400 – much like a runner who can see the finish line but has one last hill to conquer.
The current Ethereum price is maintaining its upward trend above the $2,300 mark. If Ethereum manages to break through the $2,380 resistance barrier, it could potentially see a surge in bullish sentiment.
- Ethereum is showing positive signs but facing hurdles near $2,400.
The price is trading above $2,320 and the 100-hourly Simple Moving Average.
There is a key contracting triangle forming with resistance at $2,365 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must clear the $2,400 resistance to continue higher in the near term.
Ethereum Price Aims $2,500
It appears that the cost of Ethereum is building a foundation above the $2,250 mark, much like Bitcoin. Lately, we’ve observed an encouraging surge beyond the $2,350 threshold, however, the value has been struggling to move past the $2,400 point.
At $2,390, a peak was established and since then, the price has been stabilizing in a holding pattern. There was a brief drop below the $2,350 mark. The value also fell beneath the 50% Fibonacci retracement line of the uptrend that started at the $2,278 trough and peaked at $2,390.
Nevertheless, the bulls were quite lively around the $2,320 point and at the 61.8% Fibonacci retracement mark of the rally that started from the $2,278 dip and peaked at $2,390.
Currently, Ethereum’s price is over $2,320 and higher than its 100-hour moving average. Moving forward, the price might encounter obstacles around $2,365. Additionally, a significant contracting triangle is emerging in the hourly ETH/USD chart with a resistance point at $2,365.
As an analyst, I’m observing that the first substantial resistance Ether faces lies around the $2,380 and $2,400 mark. If we manage to surpass the $2,400 level, it could potentially push Ether towards the next resistance at $2,465. Beyond this, a significant resistance can be found near $2,550. Should we breach this $2,550 resistance, it might signal further growth aiming for the $2,650 resistance area in the short term.
Another Drop In ETH?
Should Ethereum not surpass the $2,400 barrier, a potential drop may occur over the short term. A possible floor for this decline could be around $2,320, while the primary support level lies roughly in the $2,300 region.
If the price falls below $2,300 significantly, it could potentially drop to around $2,250. Further declines may even lead us towards the nearby $2,200 support. The significant support level we should keep an eye on is at $2,120.
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 – $2,320
Major Resistance Level – $2,400
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2024-09-13 06:41