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11/09/24
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Ethereum’s Recovery: Key Levels to Watch for Upward Momentum
Ethereum is currently experiencing a recovery attempt, striving to maintain momentum above the $2,300 level. The cryptocurrency has managed to stabilize above the $2,330 level and is trading above the 100-hourly Simple Moving Average, indicating a potential upward trajectory.
A key bullish trend line is emerging with support identified at $2,335 on the hourly chart of ETH/USD, providing a foundation for possible gains. However, the price confronts significant resistance around the $2,400 level. A successful breach of this level could signal further bullish developments, potentially driving the price towards the $2,465 resistance, followed by a target of $2,500.
In recent trading sessions, Ethereum established a peak at approximately $2,398 before entering a consolidation phase. Although there was a slight pullback beneath the $2,360 level, the overall sentiment remains moderately optimistic, with the price maintaining its position above $2,300. Nevertheless, Ethereum will need to overcome the challenges posed by resistance levels, particularly near $2,380 and $2,400, to sustain its upward momentum.
On the downside, should Ethereum fail to surpass the $2,400 resistance, a reversal could occur. The initial support is expected at around $2,335, with more critical backing found near the $2,300 region, which aligns with the 61.8% Fibonacci retracement of the recent price action. A decisive drop beneath this level might propel the price towards $2,240, and further declines could extend down to the $2,150 support area, with solid support also present at $2,050.
In terms of technical indicators, the hourly MACD suggests a loss of momentum while remaining in the bullish zone, whereas the RSI is positioned above the neutral mark, signaling cautious optimism among traders. The market will be closely monitoring these levels as they could dictate the direction of Ethereum’s trading sentiment in the coming sessions.
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