Ethereum price started a recovery wave above the $2,550 zone, but oh, what a wretched journey it is! ETH is showing a glimmer of hope, yet faces more hurdles than a steeplechase near the $2,880 level.
- Ethereum began its ascent above the $2,550 zone, but the heavens seem to have a different plan.
- The price, much to the dismay of its hopeful holders, is trading below $2,880 and the 100-hourly Simple Moving Average.
- A short-term declining channel is forming, with a stubborn resistance at $2,800 on the hourly chart of ETH/USD, as if the market itself is conspiring against it.
- Alas, should the price remain below the $2,880 level, a fresh decline might ensue, as if the market deities have a wicked sense of humor.
The Ethereum price, after a heavy fall below $2,500, decided to take a small dance with recovery. It tested the $2,120 zone and recently started a recovery wave. The price managed to climb above the $2,500 and $2,550 resistance levels, but the bears, those pesky bears, are now active near the $2,900 zone, as if they were waiting for the perfect moment to strike.
The price, poor thing, failed to clear the 61.8% Fib retracement level of the downward move from the $3,402 swing high to the $2,127 swing low. A short-term declining channel is forming, with resistance at $2,800 on the hourly chart of ETH/USD, as if the market is an unforgiving dance instructor, always finding a reason to hold back progress.
Ethereum price is now trading below $2,880 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,800 level, as if it were a poorly written story with an endlessly long prelude.
The first major resistance is near the $2,880 level, and the main resistance is now forming near $2,920. Should the price clear the $2,920 resistance, it might find itself heading toward the $3,000 resistance. An upside break above the $3,000 resistance might call for more gains in the coming sessions, possibly pushing the price toward the $3,120 resistance zone or even $3,250 in the near term. But let’s not get ahead of ourselves, for the market is a fickle friend indeed.
Another Drop In ETH?
If Ethereum fails to clear the $2,880 resistance, it could start another decline, as predictable as a rainy day in Moscow. Initial support on the downside is near the $2,640 level. The first major support sits near the $2,550, as if the market is setting up a series of cruel jokes.
A clear move below the $2,550 support might push the price toward the $2,500 support. Any more losses might send the price toward the $2,420 support level in the near term. The next key support sits at $2,350, but who’s counting, right?
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone, as if it’s tired of the endless struggle.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone, as if it’s decided to take a break from the hype.
Major Support Level – $2,550
Major Resistance Level – $2,880
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2025-02-05 06:25