Ethereum Price Lacks Traction: Can It Overcome The Slowdown?
28 Octobre 2024 - 4:28AM
NEWSBTC
Ethereum price extended losses and tested the $2,380 support zone.
ETH is recovering losses and struggling to gain pace for a move
above the $2,5250 level. Ethereum started a recovery wave from the
$2,380 zone. The price is trading below $2,500 and the 100-hourly
Simple Moving Average. There is a short-term rising channel forming
with support at $2,480 on the hourly chart of ETH/USD (data feed
via Kraken). The pair could start a fresh increase if it clears the
$2,520 and $2,550 resistance levels. Ethereum Price Aims Higher
Ethereum price extended its decline below the $2,250 level unlike
Bitcoin. ETH traded as low as $2,379 and recently started an upside
correction. There was a minor increase above the $2,420 level. The
price traded above the 50% Fib retracement level of the downward
wave from the $2,562 swing high to the $2,379 low. The bulls even
pushed the price above the $2,500 resistance but struggled near
$2,520. Ethereum price is now trading below $2,500 and the
100-hourly Simple Moving Average. There is also a short-term rising
channel forming with support at $2,480 on the hourly chart of
ETH/USD. On the upside, the price seems to be facing hurdles near
the $2,520 level and the 100-hourly Simple Moving Average. It is
close to the 76.4% Fib retracement level of the downward wave from
the $2,562 swing high to the $2,379 low. The first major resistance
is near the $2,550 level. The main resistance is now forming near
$2,600. A clear move above the $2,600 resistance might send the
price toward the $2,650 resistance. An upside break above the
$2,650 resistance might call for more gains in the coming sessions.
In the stated case, Ether could rise toward the $2,750 resistance
zone. Another Decline In ETH? If Ethereum fails to clear the $2,520
resistance, it could start another decline. Initial support on the
downside is near the $2,480 level. The first major support sits
near the $2,420 zone. A clear move below the $2,420 support might
push the price toward $2,380. Any more losses might send the price
toward the $2,320 support level in the near term. The next key
support sits at $2,250. Technical Indicators Hourly MACD – The MACD
for ETH/USD is losing momentum in the bullish zone. Hourly RSI –
The RSI for ETH/USD is now near the 50 zone. Major Support Level –
$2,450 Major Resistance Level – $2,520
Ethereum (COIN:ETHUSD)
Graphique Historique de l'Action
De Sept 2024 à Oct 2024
Ethereum (COIN:ETHUSD)
Graphique Historique de l'Action
De Oct 2023 à Oct 2024