Ethereum Price Consolidates Below Resistance
The price of Ethereum continued to rise and reached a high near $2,720 before encountering resistance. However, the bears quickly appeared and pushed the price back down.
After reaching the high, Ethereum experienced a correction and dropped below the $2,600 and $2,550 levels. It is currently trading below the 100-hourly Simple Moving Average and is facing resistance near the $2,520 level.
If Ethereum manages to break the support zone at $2,440, it could potentially initiate a downward trend. The next major support level is around $2,350.
Resistance Levels for Ethereum
If Ethereum can surpass the resistance at $2,520, it may face further resistance near $2,585. Breaking this level could push the price towards $2,650 and potentially even higher to the main resistance level at $2,720. A close above this level would indicate a bullish market sentiment.
Further gains could lead to a test of the $2,780 resistance level and potentially even reach $2,880.
Possible Downside for Ethereum
If Ethereum fails to break the resistance at $2,520, it may continue its downward movement. The initial support on the downside is expected near the $2,440 level or the 50% Fibonacci retracement level.
If this support level is breached, Ethereum could drop further towards the $2,350 support zone. In a worst-case scenario, it could test the $2,300 support level or even fall towards $2,240.
Technical Indicators
The MACD indicator for ETH/USD is currently losing momentum in the bullish zone. Additionally, the RSI indicator is now below the 50 level.
Hot Take: Ethereum’s Price at a Critical Juncture
The price of Ethereum has reached a critical juncture as it consolidates below key resistance levels. The next move will largely depend on whether it can break through these levels or if it will continue its downward trend. Traders and investors should closely monitor the support and resistance levels mentioned above to make informed decisions about their Ethereum holdings.
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