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04/09/24
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Ethereum Struggles Below $2,500: Key Resistance and Recovery Efforts
Ethereum’s value recently fell below critical support levels at $2,420 and $2,400, reaching a low of $2,308 before showing signs of recovery. This dip followed a broader trend affecting cryptocurrencies, and as the price fluctuates, Ethereum is making efforts to regain ground from this recent low.
Currently, Ethereum is positioned below the $2,500 level and the 100-hourly Simple Moving Average, indicating that upward momentum is still tenuous. The price action reveals significant resistance around the $2,440 level due to a bearish trend line that has formed. For Ethereum to establish a more substantial upward trajectory, it must breach the $2,500 resistance level.
In the past few sessions, Ethereum’s price climbed above both the $2,320 and $2,350 resistance levels, marking a potential turnaround. This upward movement represents an attempt to recover from the sharp decline that began from a swing high of $2,564 down to the recent low at $2,308. Despite overcoming initial resistance challenges, Ethereum is still facing obstacles, particularly around the $2,440 level, which aligns closely with the 50% Fibonacci retracement level of this recent downward movement.
If Ethereum cannot surpass the $2,440 threshold, it may trigger another decline, with initial support appearing near $2,320. Should the price fall below the $2,300 support level, the cryptocurrency could retrace to around $2,250 and possibly further down toward the $2,120 range. On the technical front, indicators suggest a loss of bearish momentum, but vigilance is required as Ethereum navigates these key support and resistance levels.
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