As a seasoned analyst with years of experience in the crypto market under my belt, I see Ethereum’s current position as a promising recovery wave above the $2,300 zone. However, it’s important to note that the $2,400 resistance has been a stumbling block thus far.
The cost of Ethereum is trying to start a new upward trend that surpasses $2,300. If Ethereum manages to break through the $2,400 resistance barrier, it could potentially build up more bullish energy.
- Ethereum is attempting a recovery wave above the $2,300 zone.
The price is trading above $2,330 and the 100-hourly Simple Moving Average.
There is a connecting bullish trend line forming with support at $2,335 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 Eyes More Upsides
The cost of Ethereum began to rebound beyond the $2,300 mark. ETH successfully surpassed the $2,320 resistance barrier, positioning itself in a favorable zone similar to Bitcoin. Yet, sellers were noticeably active around the $2,400 resistance level.
At $2,398, a peak was established and the price is currently holding steady as it consolidates its gains. There was a slight drop below the $2,360 mark. The price momentarily fell beneath the 23.6% Fibonacci retracement line of the upward trend that started at the $2,242 low and peaked at $2,398.
Currently, the cost of Ethereum is being transacted over $2,300 and is above its 100-hour moving average. Moreover, a rising bullish trend line is taking shape on the hourly ETH/USD chart, offering support at approximately $2,335.
As a crypto investor, I’m seeing some potential challenges at the current price hovering around $2,380. The first significant barrier lies at roughly $2,400. If we manage to break through this level, it could push Ether towards the resistance at $2,465. Further up, there’s a substantial hurdle at $2,500. Overcoming this resistance might propel us towards the $2,550 resistance zone in the short term.
Another Decline In ETH?
If Ethereum doesn’t manage to break through the $2,400 barrier, it might trigger another drop. A potential cushion on the lower side is around $2,335 and a trend line. The primary protection lies in the $2,300 area or at the 61.8% Fibonacci retracement level of the upward journey from the $2,242 low to the $2,398 peak.
Moving below the $2,300 mark could potentially drive the price down to approximately $2,240. If the price continues to fall, it might reach the nearby support of $2,150. The significant support level lies at around $2,050 in the short term.
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 – $2,240
Major Resistance Level – $2,400
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2024-09-11 06:22