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07/08/24
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Ethereum’s Price Recovery: Breaking Resistance and Eyes on Higher Grounds
Ethereum’s price has embarked on a recovery phase, breaking through the $2,350 resistance level and gaining traction as it aims for higher grounds. This upward movement follows a significant decline that saw the cryptocurrency dip below $2,000. Currently, Ethereum’s price has shown resilience by surpassing the $2,200 and $2,250 levels, drawing parallels with Bitcoin’s past performance above the $65,000 mark.
Despite this progress, Ethereum continues to encounter resistance at the $2,640 threshold, as well as the 100-hourly Simple Moving Average. Moreover, there is a bullish trend line forming, with notable support around the $2,440 level on the hourly chart of ETH/USD. However, bearish pressure remains evident just below the $2,540 and $2,550 levels, which could stall the recovery if the bulls fail to overcome.
The primary resistance to watch in the near term lies at $2,680, along with the 100-hourly Simple Moving Average. A successful breach of this level may lead to a more substantial rally, potentially pushing Ethereum’s price toward the $2,860 resistance. Further upward momentum may see Ethereum challenge the $2,920 resistance, with a breakout beyond this point possibly allowing it to reach the $3,000 mark shortly.
Conversely, should Ethereum struggle to overcome the $2,540 resistance, a downward trend could emerge. Key initial support is located at the $2,440 level, along with the trend line, while significant support may be tested at the $2,365 level. Failure to maintain this support could see Ethereum’s price retreat to $2,250, with further declines potentially dragging it down to around $2,120 and then $2,050.
In terms of technical indicators, Ethereum’s MACD is displaying positive momentum within the bullish zone, and the RSI has moved above the neutral mark of 50, signaling increasing bullish sentiment among traders.
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