As a seasoned crypto investor with years of experience navigating the volatile digital asset market, I find myself cautiously optimistic about Ethereum’s current recovery attempt. Having witnessed numerous price fluctuations and trends, I can see that ETH is trying to break above the $2,360 resistance, which, if achieved, could potentially propel it towards higher prices.
The Ethereum cost is trying to rebound over $2,280. For it to proceed upward in the immediate future, Ethereum needs to overcome the resistance at $2,360.
- Ethereum is attempting a recovery wave from the $2,150 zone.
The price is trading below $2,320 and the 100-hourly Simple Moving Average.
There was a break above a key bearish trend line with resistance at $2,280 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must clear the $2,360 resistance to continue higher in the near term.
Ethereum Price Faces Resistance
The price of Ethereum made an effort to rebound past the $2,400 mark, but it struggled to surpass the $2,450 resistance point. Subsequently, there was another drop in Ethereum’s value, similar to Bitcoin, falling below the $2,320 level.
The price briefly touched a potential support at $2,150 before forming a low there. Now, it’s trying to bounce back. It managed to break through the resistance levels at $2,220 and $2,280. Moreover, it surpassed the 23.6% Fibonacci retracement level of the downward trend from the $2,488 peak to the $2,150 low.
As an analyst, I observed a significant break above a crucial bearish trend line, which previously provided resistance at around $2,280 on the hourly chart for ETH/USD. However, at present, Ethereum’s price finds itself trading slightly below $2,320 and under the 100-hour Simple Moving Average.
As a researcher, I’ve noticed that the price appears to be encountering obstacles around the $2,320 mark. The first significant barrier lies at approximately $2,360, which aligns with the 61.8% Fibonacci retracement level of the downward trend from the peak of $2,488 to the trough of $2,150. If we manage to surpass the $2,360 level in our closing price, it could propel Ether towards the resistance at $2,420.
In simpler terms, if the price overcomes the current barrier around $2,480, it could potentially rise towards approximately $2,550 in the short term, as this level may serve as the next potential resistance point.
Another Decline In ETH?
Should Ethereum not manage to surpass the $2,360 barrier, there’s a possibility of another drop occurring. A potential floor could be found at around $2,250 initially. The primary significant support level lies approximately in the $2,180 area.
If the price drops significantly below $2,180, it could potentially fall to around $2,150. Further declines may lead us to the nearby $2,050 support. A crucial lower support level is located at $2,000 in the short term.
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 – $2,180
Major Resistance Level – $2,360
Read More
Sorry. No data so far.
2024-09-09 06:22