As a seasoned analyst with over two decades of trading experience under my belt, I see Ethereum’s current recovery wave as promising but cautiously optimistic. The price has successfully breached the $2,320 resistance zone and is now trading above its 100-hourly Simple Moving Average, which is a positive sign. However, the momentum seems to be lagging compared to Bitcoin, indicating that we might not see an immediate surge toward the $2,500 resistance zone.
As a crypto investor, I’m observing an attempt by Ethereum to surge past the $2,320 mark, aiming for a recovery wave. However, it seems that Ethereum might face some challenges in picking up speed for a push towards the resistance at $2,500.
- Ethereum is attempting a recovery wave above the $2,250 zone.
The price is trading above $2,320 and the 100-hourly Simple Moving Average.
There is a connecting bullish trend line forming with support at $2,320 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must clear the $2,400 resistance to continue higher in the near term.
Ethereum Price Recovers Above $2,320
The cost of Ethereum began climbing again beyond the $2,250 mark, surpassing the previous resistance at $2,280 and shifting into a favorable position. However, its progress was less dynamic compared to Bitcoin.
There was a move above the 50% Fib retracement level of the downward move from the $2,488 swing high to the $2,150 low. The bulls were able to push the price above the $2,320 resistance zone. The price even spiked above the $2,350 level.
Currently, the cost of Ethereum is being traded above $2,320 and is aligning with its 100-hour Moving Average. Additionally, a bullish trend line is developing on the hourly Ethereum-to-US Dollar chart, providing support at $2,320.
From a positive perspective, it appears that the price could be encountering obstacles around the $2,375 mark. The first significant barrier lies at approximately $2,400, or the 76.4% Fibonacci retracement level of the downward trend from the $2,488 peak to the $2,150 trough. If we see a close above $2,400, Ether may head towards the resistance at $2,450.
In simpler terms, if the price manages to surpass $2,500 (which currently acts as a barrier), it could potentially push the value up towards around $2,550 in the short term, given there are further resistances at that level.
Another Decline In ETH?
Should Ethereum struggle to surpass the $2,400 barrier, there’s a potential for another drop. A preliminary line of defense on the lower side can be found around $2,320 and the trendline. The primary support lies roughly in the $2,240 region.
If the price falls significantly below $2,240, it could potentially drop to around $2,150. Further declines may lead towards the nearby support at $2,050. The significant support level lies at $2,000 in the near future.
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 above the 50 zone.
Major Support Level – $2,320
Major Resistance Level – $2,400
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2024-09-10 06:40