ethereum price tested the $2,400 zone and recovered some losses. eth needs to overcome the $2,550 resistance zone to start a decent increase in the near term.
- ethereum started a consolidation phase after a sharp drop to $2,400.
- The price is trading below $2,550 and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance at $2,555 on the hourly chart of eth/USD (data feed from Kraken).
- The pair could start a recovery wave if it breaks the resistance levels of $2,555 and $2,600.
ethereum price points to a recovery
ethereum price extended its decline below the $2,650 level. eth even traded below the $2,550 and $2,500 support levels like bitcoin. Finally, the bulls appeared near the $2,400 zone.
A low was formed at $2,394 and the price recently started a small recovery wave. There was a move above the $2,450 and $2,480 levels. It broke the 23.6% Fibonacci retracement level of the downward wave from the $2,820 high to $2,394 low.
ethereum price is now trading below the $2,550 level and the 100 hourly simple moving average. On the upside, the price seems to be facing hurdles near the $2,550 level. There is also a key bearish trend line forming with resistance at $2,555 on the hourly chart of eth/USD.
The first major resistance is near the $2600 level. It is close to the 50% Fib retracement level of the downward wave from the $2820 high to $2394 low. A close above the $2600 level could send Ether towards the $2665 resistance.
<img class="wp-image-638456 size-full" src="https://technicalterrence.com/wp-content/uploads/2024/08/Ethereum-Price-Eyes-Recovery-Is-a-Comeback-on-the-Horizon.png" alt="ethereum Price” srcset=”https://technicalterrence.com/wp-content/uploads/2024/08/Ethereum-Price-Eyes-Recovery-Is-a-Comeback-on-the-Horizon.png?w=1835 1835w, https://technicalterrence.com/wp-content/uploads/2024/08/Ethereum-Price-Eyes-Recovery-Is-a-Comeback-on-the-Horizon.png?w=460 460w, https://technicalterrence.com/wp-content/uploads/2024/08/Ethereum-Price-Eyes-Recovery-Is-a-Comeback-on-the-Horizon.png?w=768 768w, https://technicalterrence.com/wp-content/uploads/2024/08/Ethereum-Price-Eyes-Recovery-Is-a-Comeback-on-the-Horizon.png?w=860 860w, https://technicalterrence.com/wp-content/uploads/2024/08/Ethereum-Price-Eyes-Recovery-Is-a-Comeback-on-the-Horizon.png?w=1536 1536w, https://technicalterrence.com/wp-content/uploads/2024/08/Ethereum-Price-Eyes-Recovery-Is-a-Comeback-on-the-Horizon.png?w=750 750w, https://technicalterrence.com/wp-content/uploads/2024/08/Ethereum-Price-Eyes-Recovery-Is-a-Comeback-on-the-Horizon.png?w=1140 1140w” />
The next key resistance is near the $2,720 level. An upside break above the $2,720 resistance could push the price towards the $2,820 resistance zone in the near term.
Another drop in eth?
If ethereum fails to clear the $2,555 resistance, it could start another decline. The initial support on the downside lies near $2,480. The first major support lies near the $2,450 zone.
A clear move below the $2,450 support could propel the price towards $2,425, where the bulls could emerge. Any further losses could send the price towards the $2,320 support level in the near term. The next key support lies at $2,250.
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 above the 50 zone.
Major Support Level: $2450
Major Resistance Level: $2550
(tags to translate)ethbtc
