Ethereum Price Lacks Traction: Can It Overcome The Slowdown?

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As a seasoned crypto investor with years of experience in this volatile market, I’ve learned to navigate the highs and lows with a steady hand. The recent dip in Ethereum price has been no exception, but it’s important to remember that every correction is an opportunity for growth.

The price of Ethereum continued to fall, reaching the potential support at around $2,380. Currently, Ethereum is trying to recoup its losses but is finding it difficult to pick up speed and break through the resistance at approximately $2,525.

  • Ethereum started a recovery wave from the $2,380 zone.
  • The price is trading below $2,500 and the 100-hourly Simple Moving Average.
  • There is a short-term rising channel forming with support at $2,480 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a fresh increase if it clears the $2,520 and $2,550 resistance levels.

Ethereum Price Aims Higher

Instead of falling below the $2,250 mark like Bitcoin, the price of Ethereum continued to drop, reaching a low of $2,379. However, it has since begun to recover.

The price surpassed the $2,420 mark and rose slightly above it. It went over the 50% Fibonacci retracement level, which is a significant point in the downward trend from the peak of $2,562 to the low of $2,379. The buyers managed to drive the price beyond the $2,500 barrier, but they faced challenges near $2,520.

As a researcher analyzing the Ethereum market, I’ve noticed that the current trading price is hovering below the $2,500 mark and dipping slightly below the 100-hour Simple Moving Average. Interestingly, there appears to be a developing short-term rising channel, with support at approximately $2,480 on the hourly ETH/USD chart. This trend could indicate potential price movement within this channel in the near term.

From a positive perspective, it appears that the price may encounter obstacles around the $2,520 mark, which aligns with the 100-hour Simple Moving Average and the 76.4% Fibonacci retracement level of the downward movement from the peak at $2,562 to the trough at $2,379.

Initially, a significant obstacle lies around the $2,550 mark. Currently, a substantial barrier is being built up near $2,600. If there’s a definite push beyond the $2,600 barrier, it could potentially drive the price towards the next resistance at $2,650. Overcoming the $2,650 resistance might lead to further increases in upcoming trading sessions. Under such circumstances, Ether may head towards the resistance area of approximately $2,750.

Another Decline In ETH?

As a researcher observing the Ethereum market, if we don’t see a successful breakthrough above the $2,520 resistance, there’s a potential for another downtrend. A possible initial floor in this scenario could be around $2,480. However, the first significant support level I’m keeping an eye on is closer to the $2,420 area.

If the price falls significantly below the $2,420 resistance point, it could potentially drop to around $2,380. Further declines may lead to the $2,320 support being tested in the short term. The crucial support level that follows is at $2,250.

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 near the 50 zone.

Major Support Level – $2,450

Major Resistance Level – $2,520

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2024-10-28 06:40