Ethereum Price Downside Eases: Is Momentum Shifting?

by

As a seasoned researcher with years of market analysis under my belt, I can’t help but feel a sense of déjà vu when looking at Ethereum’s current price dip below $2,420. It’s like deja-vu all over again, as ETH tested the same $2,300 zone it did back in… well, last year.

Here are The The In this$$2:400 and$2:400 andis

    Ethereum is attempting a recovery wave from the $2,300 zone.
    The price is trading below $2,500 and the 100-hourly Simple Moving Average.
    There is a key bearish trend line forming with resistance at $2,440 on the hourly chart of ETH/USD (data feed via Kraken).
    The pair must clear the $2,500 resistance to start a steady increase in the near term.

Ethereum Price Dips Again

Ethereum is a n

Above the resistance at $2,320 and $2,350, a surge occurred. The cost exceeded the 23.6% Fibonacci retracement level of the bearish trend from the peak at $2,564 to the trough at $2,308, but there are numerous obstacles ahead for further growth.

Based on the analysis you provided, it seems that the current Ethereum price is trading below $2,500 and is approaching resistance near the $2,440 level. This price movement is close to the 50% Fib retracement level of the downward wave from the $2,564 swing high to the $2,308 low.

There is also a key bearish trend line forming with resistance at $2,440 on the hourly chart of ETH/USD. The first major resistance is near the $2,500 level. A close above the $2,500 level might send Ether toward the $2,550 resistance. The next key resistance is near $2,650. An upside break above the $2,650 resistance might send the price higher toward the $2,800 resistance zone in the near term.

Another Decline In ETH?

Should Ethereum not manage to surpass the $2,440 barrier, there’s a possibility of a further dip. A potential initial floor can be found around $2,320, while the primary supportive level lies roughly in the $2,300 region.

If the price falls significantly below the $2,300 resistance point, it could potentially slide down to approximately $2,250. Further losses may cause a drop towards the nearby $2,120 support zone. Notably, the significant support level lies at around $2,040.

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 below the 50 zone.

Major Support Level – $2,300

Major Resistance Level – $2,440

Read More

2024-09-04 06:58