Thursday, November 21, 2024
Home > News > Ethereum News > Ethereum Price Reaches Support, Can ETH Start A Steady Increase Again?

Ethereum Price Reaches Support, Can ETH Start A Steady Increase Again?

Ethereum price extended losses and tested the $2,300 support. ETH is now attempting a recovery wave above the $2,340 level and might test $2,390.

  • Ethereum started a fresh decline below the $2,420 and $2,400 levels.
  • The price is trading below $2,400 and the 100-hourly Simple Moving Average.
  • There was a break above a connecting bearish trend line with resistance near $2,340 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair attempt a fresh increase if it clears the $2,390 and $2,400 levels.

Ethereum Price Revisits $2,300

Ethereum price struggled to start a fresh increase above the $2,550 and $2,580 resistance levels. ETH started a fresh decline and traded below the $2,400 support like Bitcoin.

There was a move below the $2,350 level. A new weekly low was formed near $2,302 and the price is now consolidating losses. There was a minor increase above the $2,330 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $2,479 swing high to the $2,302 low.

There was also a break above a connecting bearish trend line with resistance near $2,340 on the hourly chart of ETH/USD. Ethereum is now trading below $2,400 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $2,365 level.

The next hurdle could be $2,390 or the 50% Fib retracement level of the downward move from the $2,479 swing high to the $2,302 low. The next major resistance is now near $2,400. A clear move above the $2,400 level might start a decent increase. In the stated case, the price could rise toward the $2,480 level.

Source: ETHUSD on TradingView.com

The next key hurdle sits near the $2,500 zone. A close above the $2,500 resistance could start another steady increase. In the stated case, Ether price could rise toward the $2,650 zone.

Another Decline in ETH?

If Ethereum fails to clear the $2,390 resistance, it could start another decline. Initial support on the downside is near the $2,320 level.

The next key support could be the $2,300 zone. A downside break below the $2,300 support might send the price further lower. In the stated case, Ether could test the $2,250 support. Any more losses might send the price toward the $2,200 level.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 level.

Major Support Level – $2,300

Major Resistance Level – $2,390

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Source