Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors

TOP SEARCHES

Stocks popular

Crypto

Currencies

CFD

Support

Ethereum Eyes Recovery: Key Resistance Levels to Watch as It Battles Below $2,320

image
icon 09/09/24
icon 53

Ethereum Eyes Recovery: Key Resistance Levels to Watch as It Battles Below $2,320

Ethereum is currently in the process of attempting a recovery after dipping to around the $2,150 level. The cryptocurrency is trading below the $2,320 level and remains beneath the 100-hourly Simple Moving Average. Recently, Ethereum managed to surpass a significant bearish trend line, indicating a potential upward movement, particularly as it approached the $2,280 resistance level.

The recovery effort saw Ethereum trying to break above the $2,400 level, but it struggled to overcome resistance at $2,450. Following this attempt, the price fell back below $2,320, mirroring the decline seen in Bitcoin. After a low was established at $2,150, Ethereum is making headway once again, moving past the $2,220 and $2,280 levels, which are critical resistance points. Importantly, the price has exceeded the 23.6% Fibonacci retracement level from the latest downward movement, suggesting a possible rally ahead.

Nonetheless, the $2,320 area is presenting obstacles for further upward progress. The key resistance level to watch is $2,360, aligning with the 61.8% Fibonacci retracement level from the drop that occurred from the $2,488 high to the $2,150 low. A successful close above this resistance may propel Ethereum towards $2,420.

Conversely, if the price fails to surpass $2,360, it could trigger a renewed decline. Initial support appears at the $2,250 level, with a more significant support level located around $2,180. A breach below this level might lead Ethereum back towards the $2,150 support, and potentially even down to $2,050 or $2,000 if the downward trend continues.

Traders will be watching key indicators closely, as the hourly MACD indicates a loss of bearish momentum, whereas the RSI hints at a position above the neutral zone, suggesting potential upward movement if critical resistance levels are surpassed.

Recomended for you

image

Crude Prices Drop After IEA Monthly Report

On Wednesday, crude prices dropped and gave back earlier gains after the IEA reduced its forecast for this year’s demand...

May 15, 2024
icon 271
May 15, 2024
icon 271
prev next
This site is registered on wpml.org as a development site.