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12/09/24
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Ethereum Eyes $2,400: Key Resistance Awaits as Momentum Builds
Ethereum’s recent price movement indicates a resurgence, trading at levels exceeding $2,320. For the cryptocurrency to gain further bullish momentum, it needs to break through the important resistance level at $2,400.
The current upward trend has positioned Ethereum above the $2,320 mark, and it is also trading above $2,350 while maintaining its position above the 100-hourly Simple Moving Average. The cryptocurrency has seen an upward breach of a short-term declining channel, with notable resistance identified around $2,350. Although there has been some upward movement, the crucial $2,400 resistance remains unbroken, with a recent high recorded at $2,390.
Ethereum appears to be building on a support base above the $2,250 level. Following this, the price successfully surpassed the $2,300 threshold, reflecting a parallel trend observed in Bitcoin. Currently, Ethereum’s trading activity is consolidating near the 23.6% Fibonacci retracement level, derived from the upswing from the $2,278 low to the $2,390 peak.
In terms of further potential gains, Ethereum may face resistance initially around the $2,380 mark, with the key target being $2,400. Surmounting this level could propel Ether toward the next resistance level at $2,450, with further upside potentially leading to $2,550.
Conversely, if Ethereum encounters resistance and fails to breach the $2,380 level, a decline could be on the horizon. Immediate support is observed near $2,350, while the significant support lies closer to the $2,330 region, marking the 50% Fibonacci retracement mark. Should the price fall below this level, it could lead to a decline towards the $2,250 support, with further declines potentially reaching down to the $2,200 level. Key support stands significantly at $2,120.
Technical indicators reflect a losing momentum in the bullish territory, complemented by the relative strength index positioning above the neutral mark.
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