As a seasoned researcher with a knack for deciphering cryptocurrency markets, I find myself standing at the crossroads of Ethereum’s price action. The latest downturn has tested the $2,320 support, and while the current correction is promising, it faces some formidable obstacles on its way to a potential fresh increase above $2,420.
As a researcher, I’ve observed that the price of Ethereum has continued to decline and has recently touched the support level at $2,320. Currently, Ethereum appears to be recovering from its losses, potentially targeting a new upward movement surpassing the resistance at $2,420.
- Ethereum remained in a bearish zone and traded below the $2,360 zone.
The price is trading below $2,420 and the 100-hourly Simple Moving Average.
There is a connecting bearish trend line forming with resistance at $2,420 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must stay above the $2,350 support level to start decent increase in the near term.
Ethereum Price Aims Upside Break
The cost of Ethereum didn’t manage to kick off an upward trend beyond the $2450 barrier. Instead, Ethereum continued to stay in a bearish phase similar to Bitcoin, trading under the $2365 support level.
Additionally, the value dipped beneath the $2,350 mark, touching the potential support area around $2,320. A lowest point was reached at $2,329, but now it’s ascending. There have been surges above both $2,350 and $2,365. Moreover, the price has moved beyond the 23.6% Fibonacci retracement level, which is a key point during the downward trend from the peak at $2,468 to the trough at $2,329.
Currently, Ethereum’s price is trading below $2420 and under its 100-hour moving average. As it tries to rise, it appears to encounter obstacles around the $2420 mark. Additionally, a bearish trend line is forming on the hourly ETH/USD chart with resistance at $2420.
The trend line is almost touching the 61.8% Fibonacci retracement point of the decline from the peak at $2,468 to the trough at $2,329. If we see a strong break above the resistance at $2,420, it could push the price up towards the potential resistance at $2,450.
If Ether manages to surge past its current resistance at around $2,420, it may indicate further growth in upcoming trading periods. In this scenario, Ether could potentially move towards the $2,500 resistance area in the short term. Afterward, the next challenge for Ether might be found near the $2,550 or $2,560 level.
More Losses In ETH?
Should Ethereum not manage to break through the $2,420 barrier, there’s a possibility it might initiate another drop. A potential initial support can be found around $2,380. The primary support level lies roughly in the $2,350 area.
Moving under the $2,350 resistance could lead the price to drop towards $2,320. If it continues falling, it may reach the nearby support at $2,265. A crucial support level is found at $2,220 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 – $2,320
Major Resistance Level – $2,420
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2024-10-11 06:58