1. Ethereum price is attempting a recovery wave from the first person’s in the $242, Etherium Ethereum Ethereumepers life experience.
As a researcher observing the Ethereum market, I am noticing an attempt at a recovery wave surpassing the $2,420 mark. For Ethereum to sustain this upward momentum in the short-term, it needs to break through the current resistance at $2,500
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Ethereum is attempting a recovery wave from the $2,320 zone.
The price is trading below $2,480 and the 100-hourly Simple Moving Average.
There was a break above a key bearish trend line with resistance at $2,430 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must clear the $2,500 resistance to continue higher in the near term.
Ethereum Price Faces Resistance
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Currently, Ethereum’s price is struggling to surpass $2,480 and has dropped below this point as well as the 100-hour SMA. On the positive side, there appears to be resistance near $2,465, a level that is close to the 61.8% Fibonacci retracement mark of the downward trend from the $2,565 peak to the $2,308 trough
Initially, a significant barrier lies around the $2,500 mark. If Ether manages to surpass this $2,500 barrier, it could potentially push towards the next hurdle at approximately $2,550. Beyond that, a substantial resistance is found near $2,620. Overcoming this $2,620 resistance could lead to further price increases, possibly targeting the $2,780 resistance range in the short term
Another Decline In ETH?
If Ethereum doesn’t manage to surpass the $2,465 barrier, there might be a renewed drop in its price. A potential initial floor could form around $2,435. The primary significant support level can be found close to the $2,400 region
If the price drops below the price falls below the current support at approximately $24000, it wasn’tbserved as a supportive, a significant drop in order to prevent that, falling below the $23400 level, potentially pushing the price toward $2k
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 – $2,400
Major Resistance Level – $2,500
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2024-09-05 06:42