Ethereum Price: Can ETH Break Above $2,400 and Rally?
Ethereum Price: Can ETH Break Above $2,400 and Rally?
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Ethereum (ETH) has been struggling to regain momentum after falling below the key $2,400 support level. The cryptocurrency is currently hovering near the $2,350 mark, and a decisive break above $2,400 is crucial for the bulls to regain control.
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Technical indicators suggest that ETH is facing a significant hurdle near the $2,400 zone. A bearish trend line on the hourly chart, along with the 100-hourly Simple Moving Average, is acting as a barrier to further upside movement.
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Ethereum Price Faces Key Resistance
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The $2,400 level holds significant importance, as it coincides with the aforementioned bearish trend line and a key psychological barrier. A break above this level would be a strong signal for bullish sentiment, potentially driving ETH towards the $2,480 and $2,550 resistance zones.
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Bullish Scenarios
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A successful break above the $2,400 resistance could lead to a significant rally. The 50% Fib retracement level of the recent downward wave sits near $2,480, and clearing this level could open the door for a move towards the $2,550 resistance. A sustained push beyond $2,550 could even put $2,650, the previous swing high, back on the table.
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Bearish Concerns
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If Ethereum fails to overcome the $2,400 hurdle, it could fall back into a bearish trend. The $2,350 level provides initial support, but a break below this level could trigger a more significant decline towards the $2,300 support zone. Further losses could drag ETH down to the $2,220 or even $2,120 levels.
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Technical Indicators
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The Hourly MACD for ETH/USD is losing momentum in the bearish zone, indicating a potential weakness in the bulls’ efforts. The Hourly RSI is currently below the 50 zone, suggesting that ETH is still in oversold territory.
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Key Levels to Watch
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Major Support Level: $2,300
Major Resistance Level: $2,400
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In conclusion, Ethereum price is facing a crucial test at the $2,400 level. A break above this resistance could pave the way for a bullish rally, while a failure to do so could lead to further declines. Traders should keep a close eye on technical indicators and key support and resistance levels to navigate this volatile market.