As a seasoned analyst with years of market experience under my belt, I can confidently say that Ethereum’s current trajectory is showing signs of a consolidation phase. The resistance at $2,500 seems to be acting as a formidable barrier for ETH, much like the brick wall that once stood between me and my childhood treehouse.
The Ethereum price is picking up speed, attempting to break through the resistance at around $2,550. Currently, Ethereum is trading slightly above $2,500, yet it may face difficulty surpassing this level again.
- Ethereum started a downside correction below the $2,550 zone.
The price is trading below $2,520 and the 100-hourly Simple Moving Average.
There is a short-term consolidation pattern forming with resistance at $2,500 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must stay above the $2,420 support to start a fresh increase in the near term.
Ethereum Price Dives 5%
The value of Ethereum continued to trend downwards, falling beneath the $2,600 mark and further weakening its position. Similarly to Bitcoin, Ethereum dipped below the $2,550 support level, indicating a bearish market, and also dropped below the $2,500 mark.
At approximately $2,413, a dip occurred and currently, the value is stabilizing as it recovers losses. There was a slight rise that surpassed the $2,450 mark. The price subsequently rose beyond the 23.6% Fibonacci retracement level of the downward trend from the peak at $2,655 to the trough at $2,413.
Currently, the Ethereum price is dipping below the $2,520 mark and under the 100-hour Simple Moving Average. As we look to the positive side, it appears that Ethereum is encountering obstacles around the $2,520 threshold. Additionally, a temporary pause in price action, known as consolidation, is developing with resistance at $2,500 on the hourly ETH/USD chart.
Approaching a significant barrier around the $2,535 mark or at the 50% Fibonacci retracement point of the descent from the $2,655 peak to the $2,413 trough, the next significant resistance can be found approximately at $2,550.
If Ethereum manages to surge beyond its current resistance at $2,550, it might lead to further price increases in the upcoming trading periods. In this situation, Ether could potentially reach the resistance area around $2,620 in the short term. The next challenge would likely be encountered near the $2,650 or $2,665 mark.
More Losses In ETH?
If Ethereum doesn’t manage to surpass the $2,520 barrier, there’s a possibility it may keep falling. A potential initial floor can be found around $2,440. The primary significant support lies in the vicinity of the $2,420 region.
If the price falls significantly past the $2,420 resistance point, it could potentially slide down to around $2,350. Further declines might lead to the $2,250 support becoming relevant in the short term. The significant support level lies 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 below the 50 zone.
Major Support Level – $2,420
Major Resistance Level – $2,550
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2024-10-02 06:40