Key Takeaways:
– Ethereum price dipped to the $2,380 support zone before initiating recovery.
– Trading below the $2,500 mark and the 100-hourly simple moving average.
– There’s a short-term rising channel developing with support at $2,480.
– If Ethereum clears the $2,520 and $2,550 resistance levels, it may gain fresh momentum.
– The next significant resistance is poised at the $2,600 mark.
Ethereum’s Price Rollercoaster
The price of Ethereum recently underwent an extension of losses, hitting the $2,380 support zone. The popular cryptocurrency initiated a recovery wave from this point but is encountering obstacles to a steady ascent above the $2,550 mark. This has incited a broader discussion around Ethereum’s potential to break out of this slowdown and spur a fresh rally.
Where is Ethereum At?
Currently, Ethereum is trading under the critical $2,500 mark, as well as the 100-hourly Simple Moving Average (SMA). This is compounded by the formation of a short-term rising channel, which has its support at $2,480. Looking to the near future, Ethereum may see a fresh increase if it manages to clear both the $2,520 and $2,550 resistance levels respectively.
The Challenge of Climbing Further
The price of Ethereum seems to find major obstacles near the $2,520 level and the defining 100-hourly Simple Moving Average. It’s flirting with the 76.4% Fib retracement level of the downward wave that ranged from the $2,562 swing high to the $2,379 low. The first significant resistance level exists near the $2,550 mark.
The major possible resistance lingers near the potentially decisive $2,600 level. If Ethereum can manage to break through this resistance, the price may journey towards the $2,650 resistance zone. A break above this point could trigger more gains in the subsequent trading sessions. It could possibly see Ethereum rise towards the $2,750 resistance zone.
Ethereum’s Support Zones and Potential Decline
However, Ethereum faces the risk of another decline if it fails to bulldoze the $2,520 resistance. Initial support on the downside lies near the $2,480 level. Below this, the first major support is located in the $2,420 area. A decline below this mark could push the Ethereum price towards $2,380. Any further losses might drive the price towards the $2,320 support level soon. The next major support is poised at $2,250.
Crucial Technical Indicators
The Hourly MACD for Ethereum is losing momentum in the bullish zone—a key indicator for potential market trajectory. Simultaneously, the Hourly Relative Strength Index (RSI) for Ethereum hovers near the middling 50 zone. This highlights the neutral status of Ethereum in the current market.
Looking forward, the major support level for Ethereum is conceivably at $2,450, with the significant resistance level existing at $2,520.
To Surge or Not to Surge?
Despite its current sluggish state, Ethereum’s price seems to have the potential to break out of this slowdown. However, it is contingent on Ethereum overcoming major resistance and support levels in its path. The cryptocurrency world will undoubtedly keep a close eye on Ethereum’s trajectory in the coming weeks.