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#Ethereum2024 Price Avoids Trend Reversal But Key Hurdle Still Intact
Ethereum's price demonstrated resilience by holding above $2,170 and recovering losses. Despite consolidation, it encounters obstacles around $2,350 and $2,400.
Currently, Ethereum is making an effort to surpass the $2,300 resistance level. The price is above $2,250 and the 100-hourly Simple Moving Average. Notably, a bullish trend emerged with a break above a bearish trend line near $2,245 on the hourly ETH/USD chart.
Although Ethereum reached $2,358, it faces correction, dipping below $2,320. The drop went below the 23.6% Fibonacci retracement level of the upward move from the $2,170 low to the $2,358 high.
Presently, ETH trades above $2,250 and the 100-hourly SMA. For a potential uptrend, overcoming resistance at $2,350 is crucial. The primary hurdle is at $2,450, and breaching it might initiate a substantial upward movement. Further resistance levels lie at $2,540 and a potential rally towards $2,720. Extended gains could propel the price to the $2,800 zone.
However, failure to surpass the $2,350 resistance could lead to a fresh decline. Initial support is at $2,280, followed by the $2,260 zone or the 50% Fibonacci retracement level. A close below $2,260 may trigger further losses, testing the $2,170 support, with a potential drop to $2,050.
Examining technical indicators, the hourly
#MACD for ETH/USD shows a diminishing bullish momentum, while the hourly RSI is above the 50 level.
In summary:
- Resistance levels: $2,350, $2,450, $2,540, $2,720, $2,800Support levels: $2,280, $2,260, $2,170, $2,050
- Technical indicators: MACD losing bullish momentum,
#RSI above 50
Source - newsbtc.com
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