As a seasoned analyst with years of experience in the crypto market, I see Ethereum attempting to bounce back from the $2,350 zone, but it faces significant resistance at the $2,440 level. The price action reminds me of a game of chess, where every move is crucial and each piece must be carefully positioned.
The Ethereum cost is trying to rebound over the $2,380 mark. For it to rise further in the short term, Ethereum needs to break through the resistance at $2,440 first.
- Ethereum is attempting a recovery wave from the $2,350 zone.
The price is trading below $2,440 and the 100-hourly Simple Moving Average.
There is a connecting 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 $2,440 resistance to continue higher in the near term.
Ethereum Price Faces Resistance
The cost of Ethereum tried to surge past the $2,440 mark but was unable to surpass the $2,500 barrier for resistance. Reaching a peak at $2,488, the price dipped once more, similar to Bitcoin‘s trend.
As a crypto investor, I recently witnessed a test of the crucial support at around $2,350. The lowest point hit was $2,347, but now we’re seeing an effort to bounce back. We surpassed the resistance levels at $2,365 and $2,380. Furthermore, the price has moved above the 23.6% Fibonacci retracement level of the downward trend from the high of $2,488 to the low of $2,347.
Currently, the Ethereum price is trading below $2440 and under its 100-hour moving average. As it looks upwards, there appears to be obstacles around the $2,400 mark. Additionally, a bearish trend line is forming with resistance at $2,400 on the hourly Ethereum/USD chart, suggesting potential resistance near this level.
Approaching the first significant barrier lies at approximately $2,440, which is also the 61.8% Fibonacci retracement point of the downward trend from the peak of $2,488 to the low of $2,347. If Ether manages to surpass the $2,440 mark in its closing price, it may push toward the $2,500 resistance level.
In simpler terms, if the price manages to surpass the current resistance at around $2,550, it could potentially push the value up towards the $2,720 resistance level in the short term.
Another Decline In ETH?
Should Ethereum not surpass the $2,440 barrier, a potential drop may ensue. An initial floor could be found around $2,365, while a significant support level lies close to the $2,350 region.
Moving beneath the $2,350 resistance could potentially take the price down to approximately $2,310. Further declines may lead us to the immediate support at $2,250. A crucial lower support is located at $2,120 in the short run.
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 above the 50 zone.
Major Support Level – $2,350
Major Resistance Level – $2,440
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2024-09-06 06:06