Ethereum Price Downside Eases: Is Momentum Shifting?

Aayush Jindal

9 months ago

2 mins read

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Ethereum price dived below the $2,420 and $2,400 support levels. ETH tested $2,300 and is now showing signs of a decent recovery wave.

Ethereum is attempting a recovery wave from the $2,300 zone.
The price is trading below $2,500 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance at $2,440 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must clear the $2,500 resistance to start a steady increase in the near term.

Ethereum Price Dips Again

Ethereum price extended losses below the $2,420 level. ETH even traded below the $2,400 support before the bulls appeared. A low was formed at $2,308 and the price is now attempting a recovery wave like Bitcoin.

There was a move above the $2,320 and $2,350 resistance levels. The price climbed above the 23.6% Fib retracement level of the downward wave from the $2,564 swing high to the $2,308 low, but there are many hurdles on the upside.

Ethereum price is now trading below $2,500 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,440 level. It is close to the 50% Fib retracement level of the downward wave from the $2,564 swing high to the $2,308 low.

There is also a key bearish trend line forming with resistance at $2,440 on the hourly chart of ETH/USD. The first major resistance is near the $2,500 level. A close above the $2,500 level might send Ether toward the $2,550 resistance. The next key resistance is near $2,650. An upside break above the $2,650 resistance might send the price higher toward the $2,800 resistance zone in the near term.

Another Decline In ETH?

If Ethereum fails to clear the $2,440 resistance, it could start another decline. Initial support on the downside is near $2,320. The first major support sits near the $2,300 zone.

A clear move below the $2,300 support might push the price toward $2,250. Any more losses might send the price toward the $2,120 support level in the near term. The next key support sits at $2,040.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 zone.

Major Support Level – $2,300

Major Resistance Level – $2,440

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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