eth‬

Ethereum price started a recovery wave from the $2,820 zone. ETH is rising and now facing a major hurdle near the 100-hourly simple moving average.

Ethereum found support at $2,820 and started a recovery wave.

The price is trading below $3,050 and the 100-hourly Simple Moving Average.

There was a break above a key bearish trend line with resistance at $3,000 on the hourly chart of ETH/USD (data feed via Kraken).

The pair could start a fresh decline if it fails to clear the $3,050 resistance.

Ethereum Price Faces Key Hurdle

Ethereum price extended losses below the $3,000 level, like Bitcoin. ETH even tested the $2,820 support zone. A low was formed at $2,813 and the price started a recovery wave.

There was a decent move above the $2,880 and $2,950 resistance levels. The price cleared the 23.6% Fib retracement level of the downward move from the $3,355 swing high to the $2,813 low. Besides, there was a break above a key bearish trend line with resistance at $3,000 on the hourly chart of ETH/USD.

However, the bears are active near the 100-hourly Simple Moving Average. Ethereum is now trading below $3,030 and the 100-hourly Simple Moving Average. Immediate resistance is near the $3,030 level. The first major resistance is near the $3,050 level.

The next key resistance sits at $3,085 or the 50% Fib retracement level of the downward move from the $3,355 swing high to the $2,813 low, above which the price might gain traction and rise toward the $3,150 level.

Source: ETHUSD on TradingView.com

If the bulls remain in action and push the price above $3,150, there could be a drift toward the $3,250 resistance. Any more gains could send Ether toward the $3,350 resistance zone.

Another Decline In ETH?

If Ethereum fails to clear the $3,050 resistance, it could start another decline. Initial support on the downside is near the $2,940 level. The first major support is near the $2,880 zone.

The main support is near the $2,820 level. A clear move below the $2,820 support might push the price toward $2,740. Any more losses might send the price toward the $2,650 level in the near term.

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 above the 50 level.

Major Support Level – $2,940

Major Resistance Level – $3,050

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Source: NewsBTC.com

The post Ethereum Price Could Rally If It’s Able To Reclaims The 100 SMA appeared first on Crypto Breaking News.

Ethereum: Unraveling the Future of Decentralized Computing
In the landscape of cryptocurrencies, Ethereum stands out as a pioneer, not just as a digital currency but as a platform that revolutionizes the way we conceptualize and utilize blockchain technology. At its core, Ethereum offers a decentralized platform that enables the creation of smart contracts and decentralized applications (DApps), fostering a new era of trust, transparency, and efficiency in various industries.
### The Genesis of Ethereum
Ethereum was proposed in late 2013 by Vitalik Buterin, a young programmer and cryptocurrency enthusiast. It officially went live on July 30, 2015, with its cryptocurrency, Ether (ETH), fueling the network. While Bitcoin paved the way for digital currencies, Ethereum expanded the horizon by introducing the concept of smart contracts—self-executing contracts with the terms of the agreement directly written into code. This innovation unlocked endless possibilities beyond simple peer-to-peer transactions.
### Smart Contracts: Building Blocks of Decentralized Applications
Smart contracts are the backbone of Ethereum's versatility. These programmable contracts automate and enforce the terms of an agreement, eliminating the need for intermediaries and reducing the risk of fraud. From simple transactions to complex financial instruments, smart contracts can facilitate a wide range of applications across various sectors, including finance, supply chain management, real estate, and more.
### Decentralized Applications (DApps): A New Frontier
Powered by smart contracts, decentralized applications (DApps) run on the Ethereum blockchain, offering an alternative to traditional centralized applications. DApps inherit the security, transparency, and immutability of blockchain technology while operating in a trustless environment. They enable users to interact directly with each other and access services without relying on intermediaries, opening the door to a more inclusive and equitable digital economy.
### Ethereum 2.0: The Road to Scalability and Sustainability
Despite its groundbreaking features, Ethereum faces scalability challenges, particularly in handling a growing number of transactions. Ethereum 2.0, also known as Eth2 or Serenity, aims to address these issues by transitioning from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism, improving scalability, security, and energy efficiency. This upgrade is poised to make Ethereum more sustainable and capable of supporting a broader range of applications, paving the way for mainstream adoption.
### The Future of Ethereum
As Ethereum continues to evolve, its impact extends far beyond the realm of cryptocurrencies. Its decentralized nature, coupled with its robust infrastructure, has the potential to reshape industries, empower individuals, and foster innovation on a global scale. From decentralized finance (DeFi) and non-fungible tokens (NFTs) to decentralized autonomous organizations (DAOs) and beyond, Ethereum remains at the forefront of the decentralized revolution, driving progress and redefining the future of digital commerce and collaboration.
In conclusion, Ethereum represents more than just a cryptocurrency—it embodies a paradigm shift towards decentralized computing, empowering individuals and organizations to interact, transact, and innovate in a trustless and transparent ecosystem. As Ethereum continues to mature and adapt, its transformative potential will undoubtedly shape the future of technology and society for years to come.

$ETH #eth‬

Ethereum, the second-largest cryptocurrency by market capitalization, has a lot of potential and exciting developments on the horizon. Here are some expectations:
1. *Merge to Proof of Stake (PoS)*: Ethereum's transition from Proof of Work (PoW) to PoS, known as the "Merge," is expected to happen in 2024, making the network more energy-efficient and less vulnerable to centralization.
2. *Sharding and scalability*: Ethereum's scalability improvements, including sharding and zk-Rollups, are expected to increase the network's capacity and reduce congestion.
3. *Layer 2 solutions*: Layer 2 solutions like Optimism, Arbitrum, and Polygon are expected to continue to grow, offering faster and cheaper transactions.

4. *DeFi and NFTs*: Ethereum remains the hub for DeFi (Decentralized Finance) and NFT (Non-Fungible Token) innovation, with new protocols and applications emerging.
5. *Price predictions*: Experts expect Ethereum's price to rise, with some predictions:
- By the end of 2024: $5,000 - $7,000
- By 2025: $10,000 - $15,000
- By 2030: $20,000 - $50,000
6. *Competition and adoption*: Ethereum faces competition from other smart contract platforms, but its established ecosystem and developer community give it an edge.
7. *Regulatory clarity*: Ethereum, like other cryptocurrencies, awaits clearer regulations, which could impact its growth and adoption.
Keep in mind that these expectations are based on current trends and the rapidly evolving cryptocurrency landscape.
$ETH #eth‬ #buythedip #BullorBear

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