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17/09/24
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Ethereum Faces Downward Pressure Below $2,350: Key Resistance and Support Levels Explored
The price of Ethereum has recently encountered downward pressure, trading below the $2,350 mark. As it consolidates its losses, the cryptocurrency may face challenges in regaining momentum to surpass this threshold.
Following its inability to break through the $2,450 resistance, Ethereum began a downward trajectory similar to Bitcoin. The price has fallen below both the $2,400 and $2,350 support levels, signaling a shift into bearish territory. It even dipped under $2,320, reaching a low of $2,253. Currently, there is a slight recovery evident, with the price managing to rise slightly above $2,285, testing resistance levels as indicated by the Fibonacci retracement from its previous highs.
At present, Ethereum is trading below $2,310 and the 100-hourly Simple Moving Average. The price faces obstacles near the $2,300 level, where a declining channel is forming. The first notable resistance is positioned around $2,340, followed by a significant barrier near $2,360, which also aligns with a critical Fibonacci retracement level. This combination of resistance points suggests that a breakout above $2,360 is necessary for Ethereum to initiate a more pronounced recovery, potentially aiming for the $2,420 zone in the short term.
Conversely, if Ethereum remains unable to overcome the $2,360 resistance, it risks initiating another downtrend. The initial support to watch on the downside rests around $2,265, with a crucial support level located near $2,250. Should the price fall below this point, it could trigger a further decline towards $2,200, and a continued downtrend could even bring it to the $2,150 level, with the next major support at $2,120.
From a technical perspective, momentum indicators like the MACD are losing traction in the bearish zone, while the Relative Strength Index (RSI) remains below the neutral mark, highlighting the prevailing downward trend in Ethereum’s market performance.
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