đđđ Ethereum Struggles for Momentum: Will It Break Through the Current Slowdown?
Ethereum Eyes Recovery but Faces Key Resistance Levels
- Ethereum recently extended losses, testing support around $2,380 before attempting a recovery. While
$ETH has managed to claw back some losses, it is struggling to gain momentum above the $2,520 mark.
Key Points
1. Ethereum began a recovery wave from the $2,380 support zone.
2. The price currently trades below $2,500 and the 100-hour Simple Moving Average (SMA).
3. A short-term rising channel is forming, with support around $2,480 on the hourly ETH/USD chart (data from Kraken).
4. The pair could see further upside if it manages to break through resistance at $2,520 and $2,550.
#Ethereumâs Path to Higher Levels
- Ethereumâs recent decline took it below $2,250 before finding support at $2,379. Since then, ETH has seen a minor rebound, climbing above $2,420 and surpassing the 50% Fibonacci retracement level of the drop from $2,562 to $2,379. The price even moved above $2,500 but met resistance near $2,520.
- Currently, ETH remains below the 100-hourly SMA and faces hurdles around $2,520. This level is close to the 76.4% Fib retracement of the previous downswing.
- The first significant resistance level is around $2,550, with the main resistance forming near $2,600. A solid break above $2,600 could open the path to the next resistance at $2,650. If ETH clears $2,650, it may continue gaining momentum toward $2,750.
Potential Downside Risks for ETH
- If Ethereum fails to break $2,520, it may drop to immediate support at $2,480, with further levels at $2,420, $2,380, and $2,320. A deeper decline could test $2,250 as critical support.
Technical Indicators
- Hourly
#MACD : Losing momentum in the bullish zone for ETH/USD.
- Hourly RSI: Near 50, indicating a balance between buying and selling pressure.
- Major Support Level: $2,450
- Major Resistance Level: $2,520
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