Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Ethereum Price Comeback in Jeopardy: Is a Pullback Coming?

Ethereum Price Comeback in Jeopardy: Is a Pullback Coming?

NewsbtcNewsbtc2024/09/18 04:18
By:Aayush Jindal

Ethereum price started a recovery wave above the $2,320 resistance. ETH is now struggling to gain pace for a move above the $2,385 resistance.

  • Ethereum started another decline from the $2,385 resistance.
  • The price is trading below $2,350 and the 100-hourly Simple Moving Average.
  • There was a break above a short-term declining channel with resistance at $2,290 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must clear the $2,350 resistance to continue higher in the near term.

Ethereum Price Attempts Recovery

Ethereum price formed a base near $2,250 and started a fresh increase like Bitcoin . ETH was able to clear the $2,300 and $2,320 resistance levels.

There was a break above a short-term declining channel with resistance at $2,290 on the hourly chart of ETH/USD. The pair was able to climb above the 50% Fib retracement level of the downward wave from the $2,465 swing high to the $2,252 low.

The price even spiked above $2,260 before the bears appeared. There was a rejection near the 61.8% Fib retracement level of the downward wave from the $2,465 swing high to the $2,252 low.

Ethereum price is now trading below $2,350 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,340 level. The first major resistance is near the $2,385 level. The next key resistance is near $2,420.

Source: ETHUSD on TradingView.com

An upside break above the $2,420 resistance might call for more gains. In the stated case, Ether could rise toward the $2,450 resistance zone in the near term. The next hurdle sits near the $2,550 level.

Another Decline In ETH?

If Ethereum fails to clear the $2,340 resistance, it could start another decline in the near term. Initial support on the downside is near $2,300. The first major support sits near the $2,250 zone.

A clear move below the $2,250 support might push the price toward $2,180. Any more losses might send the price toward the $2,120 support level in the near term. The next key support sits at $2,050.

Technical Indicators

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

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

Major Support Level – $2,300

Major Resistance Level – $2,385

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Hyperliquid launches native token HYPE

Coinjournal2024/11/30 00:33

Standard Chartered Analysts Predict Stablecoins Will Represent 10 Percent of US Economy in the Future!

Analysts at Standard Chartered and Zodia Markets predict that stablecoin adoption will see significant growth, potentially representing 10% of US M2 transactions in the future.

Bitcoinsistemi2024/11/30 00:00

Is $100,000 the Limit in the Bitcoin Rally or Will It Continue? Here’s a Clear Opinion for the Top

While the Bitcoin price has reached the $100,000 limit, the questioning of what goes beyond this level has begun. Here are the details.

Bitcoinsistemi2024/11/30 00:00