News

Will It Break Through and Resume Its Rise?

Will It Break Through and Resume Its Rise?



Este artículo también está disponible en español.

Ethereum price extended losses and tested the $2,450 support zone. ETH is recovering losses and struggling to gain pace for a move above the $2,550 level.

  • Ethereum started a recovery wave from the $2,450 zone.
  • The price is trading below $2,560 and the 100-hourly Simple Moving Average.
  • There was a break above a key bearish trend line with resistance at $2,540 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a fresh increase if it clears the $2,580 and $2,600 resistance levels.

Ethereum Price Starts Recovery

Ethereum price extended its decline below the $2,550 level like Bitcoin. ETH traded as low as $2,445 and recently started an upside correction.

There was a minor increase above the $2,500 level. The price traded above the 23.6% Fib retracement level of the downward wave from the $2,760 swing high to the $2,445 low. There was also a break above a key bearish trend line with resistance at $2,540 on the hourly chart of ETH/USD.

Ethereum price is now trading below $2,560 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,560 level.

The first major resistance is near the $2,580 level and the 100-hourly Simple Moving Average. The main resistance is now forming near $2,600. It is close to the 50% Fib retracement level of the downward wave from the $2,760 swing high to the $2,445 low.

Source: ETHUSD on TradingView.com

A clear move above the $2,600 resistance might send the price toward the $2,650 resistance. An upside break above the $2,650 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,750 resistance zone.

Another Decline In ETH?

If Ethereum fails to clear the $2,560 resistance, it could start another decline. Initial support on the downside is near the $2,505 level. The first major support sits near the $2,485 zone.

A clear move below the $2,485 support might push the price toward $2,450. Any more losses might send the price toward the $2,420 support level in the near term. The next key support sits at $2,340.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 zone.

Major Support Level – $2,500

Major Resistance Level – $2,580



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *