As a seasoned researcher with years of experience in the cryptocurrency market, I’ve seen my fair share of bull and bear runs. The recent recovery wave in Ethereum (ETH) price above the $2,350 resistance zone is a positive development. However, it’s important to note that the bears are still active near the $2,540 level.
As a crypto investor, I’ve noticed that the Ethereum price has initiated a rebound, surpassing the resistance at around $2,350. If Ethereum manages to break through the next resistance at $2,680, it could potentially fuel a bullish trend for ETH.
- Ethereum started a recovery wave above the $2,350 and $2,420 levels.
The price is trading below $2,640 and the 100-hourly Simple Moving Average.
There is a connecting bullish trend line forming with support at $2,440 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could rise steadily if it clears the $2,680 resistance zone.
Ethereum Price Aims Higher Ground
The cost of Ethereum began a rebound following a steep drop under the $2,000 threshold. Notably, Ethereum surpassed the resistance levels of $2,200 and $2,250, similar to Bitcoin‘s climb above the $65,000 mark.
Moving upward, the price surpassed the 50% Fibonacci retracement mark from the peak at $2,920 to the trough at $1,910 in the Ethereum (ETH) market against the US Dollar. Additionally, a rising bullish trend line is being formed on the hourly chart, offering support at $2,440. However, it’s important to note that the bears are currently active around the levels of $2,540 and $2,550.
As an analyst, I’m observing that Ethereum’s current price remains below the $2,650 mark and the 100-hour Simple Moving Average. On the positive side, there seem to be obstacles for the price at approximately $2,540, which also aligns with the 61.8% Fibonacci retracement level of the downward wave from the $2,920 peak to the $1,910 trough.
The first major resistance is near the $2,680 level and the 100-hourly Simple Moving Average. The next major hurdle is near the $2,720 level. A close above the $2,720 level might send Ether toward the $2,860 resistance. The next key resistance is near $2,920. An upside break above the $2,920 resistance might send the price higher toward the $3,000 resistance zone in the near term.
Another Decline In ETH?
If Ethereum doesn’t manage to surpass the $2,540 barrier, there’s a possibility it could initiate another drop. A potential floor is found around $2,440 and the trendline region, with the primary significant support located roughly at $2,365.
Moving below the $2,365 resistance could potentially drive the price down to around $2,250. Further declines may cause it to approach the nearby support at $2,120. The critical support level lies at $2,050 in the short term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $2,365
Major Resistance Level – $2,540
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2024-08-07 06:24