Ethereum Price Downside Eases: Is Momentum Shifting?
04 Setembro 2024 - 12:48AM
NEWSBTC
Ethereum price dived below the $2,420 and $2,400 support levels.
ETH tested $2,300 and is now showing signs of a decent recovery
wave. Ethereum is attempting a recovery wave from the $2,300 zone.
The price is trading below $2,500 and the 100-hourly Simple Moving
Average. There is a key bearish trend line forming with resistance
at $2,440 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must clear the $2,500 resistance to start a steady
increase in the near term. Ethereum Price Dips Again Ethereum price
extended losses below the $2,420 level. ETH even traded below the
$2,400 support before the bulls appeared. A low was formed at
$2,308 and the price is now attempting a recovery wave like
Bitcoin. There was a move above the $2,320 and $2,350 resistance
levels. The price climbed above the 23.6% Fib retracement level of
the downward wave from the $2,564 swing high to the $2,308 low, but
there are many hurdles on the upside. Ethereum price is now trading
below $2,500 and the 100-hourly Simple Moving Average. On the
upside, the price seems to be facing hurdles near the $2,440 level.
It is close to the 50% Fib retracement level of the downward wave
from the $2,564 swing high to the $2,308 low. There is also a key
bearish trend line forming with resistance at $2,440 on the hourly
chart of ETH/USD. The first major resistance is near the $2,500
level. A close above the $2,500 level might send Ether toward the
$2,550 resistance. The next key resistance is near $2,650. An
upside break above the $2,650 resistance might send the price
higher toward the $2,800 resistance zone in the near term. Another
Decline In ETH? If Ethereum fails to clear the $2,440 resistance,
it could start another decline. Initial support on the downside is
near $2,320. The first major support sits near the $2,300 zone. A
clear move below the $2,300 support might push the price toward
$2,250. Any more losses might send the price toward the $2,120
support level in the near term. The next key support sits at
$2,040. 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 – $2,300
Major Resistance Level – $2,440
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