đŸ”„đŸ”„đŸ”„ #EthereumPrice Targets a Comeback: Will the Bounce Last?

Ethereum recently tested the $2,320 support & is now attempting to recover. $ETH may aim for a fresh move above the $2,420 resistance.

Key points:

1. Ethereum stayed in a bearish zone, trading below $2,360.

2. The price is currently below $2,420 & the 100-hourly Simple Moving Average.

3. A bearish trend line is forming with resistance near $2,420 on the hourly ETH/USD chart (data from Kraken).

4. To trigger a decent increase, ETH needs to hold above the $2,350 support.

Ethereum Price Targets an Upside Break

- Ethereum struggled to gain momentum above the $2,450 resistance & continued trading in a bearish zone, similar to Bitcoin. It dropped below the $2,365 support & even tested $2,320 before forming a low at $2,329. Since then, the price has bounced back, moving above the $2,350 & $2,365 levels, along with the 23.6% Fib retracement of the decline from $2,468 to $2,329.

- ETH is now trading below $2,420 & the 100-hourly Simple Moving Average, facing resistance near $2,420. A bearish trend line also adds resistance at that level, which is close to the 61.8% Fib retracement of the $2,468 to $2,329 move.

- If Ethereum can break above the $2,420 resistance, it could target $2,450. A successful close above $2,450 may lead to further gains, potentially pushing the price toward the $2,500 or $2,550 zones in the short term.

Downside Risks for Ethereum

- If Ethereum struggles to clear the $2,420 resistance, it may face another dip. Initial support is located near $2,380, followed by a more significant support zone around $2,350. A clear break below $2,350 could send the price back to the $2,320 level, with further declines potentially pushing it down to $2,265 or even $2,220.

Technical Indicators

- Hourly #MACD : Gaining momentum in the bullish zone.

- Hourly RSI: Currently above 50, signaling positive momentum.

- Major Support Levels: $2,320 and $2,350.

- Major Resistance Levels: $2,420 and $2,450.


Source - newsbtc.com

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