As a seasoned analyst with years of experience in the crypto market under my belt, I must say that Ethereum’s current price action is reminiscent of a rollercoaster ride. The recent bearish momentum has sent ETH prices tumbling below $2,350, and it seems like we might be stuck in this consolidation for a while.
The cost of Ethereum showed a downward trend, dropping beneath $2,350. Currently, Ethereum is holding steady as it works to regain its lost ground, but it may find it challenging to surpass the $2,350 mark again.
- Ethereum started another decline below $2,350 and $2,320.
The price is trading below $2,310 and the 100-hourly Simple Moving Average.
There is a major bearish trend line forming with resistance at $2,360 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must clear the $2,360 resistance to start a recovery wave in the near term.
Ethereum Price Starts Consolidation
The cost of Ethereum was unable to surpass the $2,450 barrier, instead, it followed a downward trend similar to Bitcoin. As a result, ETH‘s price fell below the $2,400 and $2,350 support levels, moving into a bearish market condition.
The price even dived below the $2,320 level. A low was formed at $2,253 and the price is now consolidating losses. There was a minor recovery wave above the $2,285 level. The price tested the 23.6% Fib retracement level of the downward wave from the $2,466 swing high to the $2,253 low.
Currently, Ethereum’s price is trading below $2,310 and is just below its 100-hour moving average. On the positive side, the Ethereum to USD pair appears to be encountering obstacles close to the $2,300 mark. Additionally, a downward trending channel is forming on the hourly chart, with resistance at $2,300 for ETH/USD.
Approaching $2,340, you’ll encounter a significant resistance point. The subsequent resistance could be found around $2,360 or at the 50% Fibonacci retracement level of the price drop from the peak of $2,466 to the trough of $2,253 on the same chart. Additionally, there’s a strong bearish trend line taking shape with resistance at $2,360 on the same graph.
If Ethereum manages to push past its current resistance at around $2,360, it may indicate further growth. In this scenario, Ether could potentially advance towards the resistance area around $2,420 in the short term. The next challenge is expected near the $2,465 region.
More Losses In ETH?
If Ethereum doesn’t manage to surpass the $2,360 barrier, there might be a potential drop in the immediate future. A possible floor for this decline could be around $2,265, with a more substantial support level found near the $2,250 region.
If the price falls significantly below the $2,250 resistance point, it could potentially drop to around $2,200. Further declines might lead to the $2,150 support zone becoming relevant in the short term. Notably, the next significant support level is at approximately $2,120.
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 below the 50 zone.
Major Support Level – $2,250
Major Resistance Level – $2,300
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2024-09-17 06:40