As a seasoned analyst with years of experience navigating the volatile cryptocurrency market, I can see that Ethereum price is currently facing some challenges and has extended its decline below the $2,350 level. With my crystal ball (okay, it’s just technical analysis), I can spot that the price is trading below $2,400 and the 100-hourly Simple Moving Average, which is never a good sign.
The cost of Ethereum continued to fall, dropping below the $2,350 mark. Currently, Ethereum is recuperating from its losses but encounters a significant challenge as it approaches the $2,300 region.
- Ethereum declined further and traded below the $2,350 zone.
The price is trading below $2,400 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance at $2,400 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must clear the $2,400 and $2,420 resistance levels to start a decent increase in the near term.
Ethereum Price Eyes Recovery
The cost of Ethereum continued to drop, falling below the $2,400 threshold and even dipping beneath the $2,350 support level, reinforcing its downward trend similar to Bitcoin.
The cost dipped beneath the $2,320 support point and reached a low at around $2,311. Since then, the price has been holding steady as it recovers losses. There was a slight rise above the $2,350 mark, but the value remains below the 23.6% Fibonacci retracement level of the downward trend from the $2,655 peak to the $2,311 low.
Currently, the cost of Ethereum is being traded under $2,400 and below its 100-hour Moving Average. On the positive side, there appear to be challenges for the price as it approaches the $2,400 mark. Additionally, a significant bearish trend line is emerging on the hourly ETH/USD chart with resistance at $2,400.
Advancing beyond the trend line resistance could potentially propel the price towards the $2,480 mark, which aligns with approximately half of the retreat’s distance (Fibonacci retracement level) from the peak at $2,655 to the trough at $2,311.
If Ether manages to surpass the current resistance at around $2,480, it might lead to further increases in the following sessions. Under such circumstances, Ether could potentially move towards the resistance area of approximately $2,550 over the short term. The next significant barrier lies near the $2,650 or $2,665 mark.
Another Decline In ETH?
As a crypto investor, if Ethereum doesn’t manage to surpass the $2,400 barrier, it might initiate another drop. A potential initial floor could be found at approximately $2,350. The first substantial support lies around the $2,300 region.
If the price falls significantly below $2,300, it could potentially drop to around $2,220. Further declines may lead to the $2,120 support in the short term. The crucial support level lies at $2,050 going forward.
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 – $2,400
Read More
Sorry. No data so far.
2024-10-04 06:41