Ethereum price is currently attempting to recover above the $2,380 level after experiencing a recent decline. The cryptocurrency must surpass the $2,440 resistance in order to continue its upward momentum in the near future.
Technical Analysis
As we analyze the hourly chart of ETH/USD, we can see that Ethereum is trading below $2,440 and the 100-hourly Simple Moving Average. Additionally, there is a bearish trend line forming with resistance at $2,400. This indicates that the price is facing several hurdles in its path to recovery.
In a recent attempt to recover, Ethereum price climbed above the $2,365 and $2,380 resistance levels. However, it failed to clear the $2,500 resistance zone and a high was formed at $2,488. This led to a subsequent decline, with the price testing the $2,350 support zone. Despite forming a low at $2,347, Ethereum is now making another attempt at a recovery wave.
Looking ahead, if Ethereum is able to clear the $2,440 resistance, it may continue its upward trajectory towards the $2,500 resistance and beyond. However, a failure to break above this level could result in another decline, with initial support at $2,365 and major support at $2,350. Further losses could potentially push the price towards $2,310 and ultimately $2,250.
Analyzing the technical indicators, the MACD for ETH/USD is currently losing momentum in the bearish zone. On the other hand, the RSI for ETH/USD is now above the 50 zone, indicating a potential shift in momentum.
Ethereum price is in a critical phase as it attempts to recover from recent losses. The ability to surpass key resistance levels will be crucial in determining the future direction of the cryptocurrency. Traders and investors should closely monitor price movements and technical indicators to make informed decisions in the volatile cryptocurrency market.
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