The Ethereum price has begun a rebound from approximately $1,910. Currently, Ethereum has increased by more than 10% and is currently holding steady around $2,500.
- Ethereum started a recovery wave above the $2,250 and $2,400 levels.
The price is trading below $2,650 and the 100-hourly Simple Moving Average.
There was a break above a key bearish trend line with resistance at $2,400 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could struggle to clear the $2,680 resistance zone.
Ethereum Price Rebound 10%
The cost of Ethereum showed a downward trend, dipping below the $2,500 resistance point. This decline pulled Bitcoin down as well, causing it to trade beneath the $2,200 support. Remarkably, Ethereum also plunged below the $2,000 level before bullish sentiment returned.
At the $1,911 mark, a dip occurred and since then, an upward trend has been initiated. This trend surpassed the $2,250 point, indicating recovery. The price later breached the 50% Fiberonacci retracement level in the downward plunge from the peak of $2,920 to the trough of $1,910.
Additionally, an upward break occurred beyond a significant bearish trendline, reinforced at $2,400 on the hourly chart of ETH/USD. Currently, Ethereum’s price remains below $2,650 and falls short of the 100-hour Simple Moving Average.
As someone with years of experience in the financial markets, I can tell you that the price action around key technical levels like the one near $2,550 and the 61.8% Fibonacci retracement level is a common occurrence. This level often acts as a significant hurdle for the price to overcome, and it’s important for traders to be aware of this potential roadblock in their trading strategy.
As a researcher studying Ether’s price trends, I’ve noticed that the next significant challenge lies around the $2,650 mark. Overcoming this level could potentially push Ether towards the $2,850 resistance. A crucial resistance point can be found at approximately $2,880. If Ether manages to breach above this resistance, it might propel the price upward toward the near-term $3,000 resistance zone.
Another Decline In ETH?
If Ethereum finds it difficult to surpass the $2,550 barrier, it might trigger a new drop. In such a case, the initial support could be around $2,365. A more substantial support level can be found in the vicinity of $2,250.
As a crypto investor, if the price drops clearly below my $2,250 mark, it could potentially drive the value down towards $2,050. Should there be further losses, I’m bracing for the price to approach the near-term $2,000 support level. The next significant support I’ll be keeping an eye on is at $1,920.
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 – $2,550
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2024-08-06 06:40