Hold onto your hats, crypto fans! Ethereum price is on a rollercoaster ride, and we’re here to give you the play-by-play. Buckle up as we explore the wild world of ETH‘s ups and downs! 🚀💔💰
- ETH started a rebound above the $2,620 zone, but can it hold?
- The price is below $2,750 and the 100-hourly Simple Moving Average – yikes!
- A crucial trend line with support at $2,800 was broken, and the bears are on the attack!
- Will ETH’s price start plummeting again if it can’t break the $2,800 barrier?
Ethereum Price Recovery: A Flash in the Pan?
ETH started a modest upward trend above the $2,550 mark, following Bitcoin‘s lead. It even surpassed the $2,600 and $2,620 resistance levels, putting it in a short-term positive zone. But, alas, the $2,880 and $2,920 resistance levels proved too much for our beloved crypto to handle, and it’s back on a downward spiral.
The price managed to climb above the 50% Fib retracement level of the downward wave, but the bears are putting up a fierce fight. ETH is now trading below $2,800 and the 100-hourly Simple Moving Average, and it’s not looking good for our digital hero.
The trend line with support at $2,800 was broken, and the path is clear for more losses if ETH can’t break the $2,800 resistance. Will it ever reach the elusive $3,000 resistance? Only time will tell!
If ETH manages to break the $3,000 resistance, it might just keep on climbing toward the $3,050 resistance zone or even $3,120 in the near future. But don’t get your hopes up too high!
ETH: Heading for More Heartbreak?
If ETH can’t clear the $2,800 resistance, it might be time for another tumble. Support is wavering near the $2,630 level, and the first major support sits near the $2,600 zone. If ETH can’t hold on to these levels, it might plummet all the way down to the $2,500 support or even the $2,420 support level. Buckle up, folks!
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing steam in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone – not a good sign!
Major Support Level – $2,630
Major Resistance Level – $2,800
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2025-02-07 06:43