Ethereum Price Battles to Bounce Back: Is a Recovery Coming?
23 Outubro 2024 - 12:28AM
NEWSBTC
Ethereum price struggled to continue higher above the $2,750
resistance and corrected gains. ETH is now struggling to start a
fresh increase above $2,650. Ethereum started a downside correction
below the $2,650 support. The price is trading below $2,650 and the
100-hourly Simple Moving Average. There was a break above a
connecting bearish trend line with resistance at $2,620 on the
hourly chart of ETH/USD (data feed via Kraken). The pair could
start a fresh increase if it clears the $2,650 and $2,680
resistance levels. Ethereum Price Starts Consolidation Ethereum
price started a downside correction from the $2,750 resistance like
Bitcoin. ETH traded below the $2,700 and $2,650 support levels to
enter a short-term bearish zone. The price traded as low as $2,605
and is currently consolidating losses. There was a minor increase
above the $2,620 level. The price traded close to the 23.6% Fib
retracement level of the downward move from the $2,757 swing high
to the $2,605 low. Besides, there was a break above a connecting
bearish trend line with resistance at $2,620 on the hourly chart of
ETH/USD. However, the price is struggling to gain bullish momentum.
Ethereum price is now trading below $2,650 and the 100-hourly
Simple Moving Average. On the upside, the price seems to be facing
hurdles near the $2,650 level. The first major resistance is near
the $2,700 level. It is close to the 50% Fib retracement level of
the downward move from the $2,757 swing high to the $2,605 low. A
clear move above the $2,700 resistance might send the price toward
the $2,750 resistance. An upside break above the $2,750 resistance
might call for more gains in the coming sessions. In the stated
case, Ether could rise toward the $2,800 resistance zone in the
near term. The next hurdle sits near the $2,850 level or $2,880.
More Downsides In ETH? If Ethereum fails to clear the $2,650
resistance, it could start another decline. Initial support on the
downside is near the $2,600 level. The first major support sits
near the $2,550 zone. A clear move below the $2,550 support might
push the price toward $2,500. Any more losses might send the price
toward the $2,440 support level in the near term. The next key
support sits at $2,420. Technical Indicators Hourly MACD – The MACD
for ETH/USD is gaining momentum in the bearish zone. Hourly RSI –
The RSI for ETH/USD is now below the 50 zone. Major Support Level –
$2,600 Major Resistance Level – $2,650
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