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10/09/24
22
Ethereum Rebounds Above $2,320 but Faces Resistance Challenges Ahead
Ethereum is currently undergoing a recovery phase, trading above the $2,320 level. This movement follows a rebound from the $2,250 level, with the cryptocurrency successfully surpassing the $2,280 resistance. Despite this improvement, Ethereum’s momentum appears to be comparatively weaker than that of Bitcoin. During this upward trend, the price broke through the significant 50% Fibonacci retracement level derived from a recent decline, which ranged from a high of $2,488 to a low of $2,150.
At present, Ethereum’s price is positioned above the critical $2,320 level and is also trading above the 100-hourly simple moving average. A bullish trend line is forming on the hourly chart, providing support at the same $2,320 level. However, the price faces challenges around the $2,375 level, with the next major resistance point located at $2,400, which corresponds to the 76.4% Fibonacci retracement level of the earlier downturn. A successful close above the $2,400 resistance could pave the way for Ethereum to target the $2,450 resistance next.
Further up the path lies the key resistance level of $2,500. If Ethereum manages to breach this barrier, it could potentially continue its ascent towards the $2,550 zone in the immediate future. However, if the cryptocurrency fails to overcome the $2,400 resistance, it may trigger a decline. Initial support levels are anticipated near $2,320 and the established trend line, with more significant support found at $2,240. A decisive drop below this level could lead Ethereum down to $2,150 and, possibly, towards the significant $2,000 support level.
Technical indicators show that while the MACD for Ethereum is losing bullish momentum, the RSI remains positive, situated above the neutral 50 line, indicating a mix of market sentiments.
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