Key Takeaways:
Ethereum is consolidating losses above the $2,450 support.
ETH/USD seems to be trading inside a declining channel with resistance at $3,220 on the weekly chart.
The price could consolidate near $2,550 for some time before a fresh increase.
Ethereum price analysis
Ethereum (ETH) price is struggling to start a fresh increase. It must stay above the $2,450 and $2,350 levels to attempt a decent upward move.
Ethereum Price Aims For Fresh Increase To $3,500
After a massive decline, Ethereum found support near the $2,100 level. A low was formed at $2,099 and the price recently started a decent upward move. There was a recovery above the $2,300 and $2,450 resistance levels like Bitcoin above $60,000.
The bulls were able to push the price above the 23.6% Fib retracement level of the downward move from the $3,944 swing high to the $2,099 low.
Ethereum price weekly chart | Source: ETHUSD on TradingView.com
Ethereum remained stable and the last 2-3 weekly candles suggest that the bulls are slowly gaining strength. However, the price is now struggling near the 50-week simple moving average (blue). Besides, there was a larger transfer noted. 150,000 Ethereum (ETH) worth 395,363,493 USD was transferred from and unknown wallet to Coinbase which can increase selling pressure.
150,000 #ETH (395,363,493 USD) transferred from unknown wallet to #Coinbasehttps://t.co/SNfIPLrUOJ
— Whale Alert (@whale_alert) August 23, 2024
Immediate resistance is near the $2,720 level. The first major resistance is $2,750 and the 50-week simple moving average (blue). A clear move above the $2,750 resistance might send the price toward the $3,000 resistance.
The next resistance is now forming near the $3,200 zone. There is also a declining channel forming with resistance at $3,220 on the weekly chart. It is close to the 61.8% Fib retracement level of the downward move from the $3,944 swing high to the $2,099 low.
If the price clears the $3,220 resistance, it could gain pace and rise toward the $3,500 resistance. The next key resistance might be $3,650. A close above the $3,650 level could open the doors for a fresh test of the $4,000 hurdle.
Another Setback for ETH?
Conversely, Ethereum price might start another decline. Immediate support sits near the $2,500 level. The first major support is visible near the $2,450 level.
A downside break and a weekly close below the $2,450 support might spark strong bearish moves. In the stated case, the price might decline toward the $2,100 region. Any more losses might send ETH toward the $2,000 level.
Overall, Ethereum price is attempting a recovery wave above $2,450. However, it must settle above $2,750 to continue higher. Otherwise, ETH could drop and retest $2,100.
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