Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Ethereum Price Targets a Comeback: Will the Bounce Last?

Ethereum Price Targets a Comeback: Will the Bounce Last?

NewsbtcNewsbtc2024/10/11 04:21
By:Aayush Jindal

Ethereum price extended losses and tested the $2,320 support. ETH is now correcting losses and might aim for a fresh increase above the $2,420 resistance.

  • Ethereum remained in a bearish zone and traded below the $2,360 zone.
  • The price is trading below $2,420 and the 100-hourly Simple Moving Average.
  • There is a connecting bearish trend line forming with resistance at $2,420 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must stay above the $2,350 support level to start decent increase in the near term.

Ethereum Price Aims Upside Break

Ethereum price failed to start a fresh increase above the $2,450 resistance zone. ETH remained in a bearish zone like Bitcoin and traded below the $2,365 support zone.

There was also a move below the $2,350 level . The price tested the $2,320 support zone. A low was formed at $2,329 and the price is now rising. There was a move above the $2,350 and $2,365 levels. The price climbed above the 23.6% Fib retracement level of the downward wave from the $2,468 swing high to the $2,329 low.

Ethereum price is now trading below $2,420 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,420 level. There is also a connecting bearish trend line forming with resistance at $2,420 on the hourly chart of ETH/USD.

The trend line is close to the 61.8% Fib retracement level of the downward wave from the $2,468 swing high to the $2,329 low. A clear move above the $2,420 resistance might send the price toward the $2,450 resistance.

Source: ETHUSD on TradingView.com

An upside break above the $2,420 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,500 resistance zone in the near term. The next hurdle sits near the $2,550 level or $2,560.

More Losses In ETH?

If Ethereum fails to clear the $2,420 resistance, it could start another decline. Initial support on the downside is near the $2,380 level. The first major support sits near the $2,350 zone.

A clear move below the $2,350 support might push the price toward $2,320. Any more losses might send the price toward the $2,265 support level in the near term. The next key support sits at $2,220.

Technical Indicators

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

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

Major Support Level – $2,320

Major Resistance Level – $2,420

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

Significant Bitcoin, Ethereum and Litecoin Move by US Giant Company

A major US company has announced that it will now accept various cryptocurrencies, including Bitcoin, from its customers.

Bitcoinsistemi2024/11/02 17:11

Analysis Company Makes Prediction for Bitcoin After the US Election: “Even If Donald Trump Wins…”

Cryptocurrency analysis company QCP Capital made a new future prediction for the Bitcoin price in its statement.

Bitcoinsistemi2024/11/02 17:11

What Will Happen to Sued Altcoins If SEC Chairman Changes After US Elections?

If Donald Trump becomes the US President and the SEC Chairman changes, what will be the future of the altcoins that have been sued?

Bitcoinsistemi2024/11/02 17:00

AAVE breaks above $140

Cointime2024/11/02 16:11