Ethereum Price Analysis: Will ETH Break Through Resistance and Continue its Upward Trend?
Ethereum Price Battles Resistance: Will it Break Through and Resume its Rise?
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Ethereum price has experienced recent volatility, dipping below the crucial $2,550 support level. While initially testing the $2,450 support zone, ETH has begun to recover losses and is now aiming for a break above $2,550.
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The recovery wave started from the $2,450 zone, but ETH currently trades below $2,560 and the 100-hourly Simple Moving Average. A positive development is the break above a key bearish trend line, with resistance at $2,540, on the hourly chart of ETH/USD. This trend line break suggests potential for a fresh upward move.
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Ethereum Price: Recovering from Recent Dip
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Following Bitcoin’s decline, Ethereum also dipped below the $2,550 level. ETH reached a low of $2,445 before initiating an upside correction. The price briefly moved above the $2,500 level, exceeding the 23.6% Fibonacci retracement level of the downward wave from the $2,760 swing high to the $2,445 low.
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Obstacles for Ethereum Price
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Ethereum price is currently facing resistance near the $2,560 level. The primary hurdle lies at $2,580, coinciding with the 100-hourly Simple Moving Average. The main resistance zone is forming near $2,600, close to the 50% Fibonacci retracement level of the recent downward wave.
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A successful break above the $2,600 resistance could propel the price towards the $2,650 level. Furthermore, an upside break above $2,650 might indicate sustained gains in the upcoming sessions, potentially pushing ETH towards the $2,750 resistance zone.
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Potential for Further Decline in ETH
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If Ethereum fails to overcome the $2,560 resistance, it could initiate another downward trend. Initial support on the downside is near the $2,505 level, followed by a major support zone near $2,485.
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A significant move below the $2,485 support might push the price toward $2,450. Further losses could send the price towards the $2,420 support level in the short term. The next significant support level is at $2,340.
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Technical Indicators
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- Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
- Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
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Key Support and Resistance Levels
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- Major Support Level: $2,500
- Major Resistance Level: $2,580
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Ethereum is currently in a crucial stage, battling resistance levels. The outcome of this battle will determine whether ETH resumes its upward trajectory or faces further downward pressure. Traders should closely monitor price action and technical indicators to make informed decisions.