Ethereum Price Shows Signs of Recovery
The price of Ethereum has started to increase after finding support above the $2,220 level. Despite a drop in Bitcoin’s price, Ethereum has seen a sharp upward movement and has surpassed the $2,350 resistance level.
Currently, Ethereum is trading above $2,320 and the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, a key rising channel is forming with support near $2,300.
If Ethereum can close above the $2,400 level, it may experience a fresh surge. The next major resistance level is near $2,440, and a close above this level could lead to further upward movement.
Possible Decline in Ethereum’s Price
If Ethereum fails to break the $2,400 resistance level, it may face a decline. The initial support on the downside is around $2,320 or the 50% Fib retracement level.
The first key support level is at $2,300. If Ethereum breaks below this level and closes below it, the price may continue to drop. In that case, Ether could test the $2,240 support level and potentially even reach $2,150.
Technical Indicators
The MACD for ETH/USD is gaining momentum in the bullish zone on the hourly chart. Additionally, the RSI for ETH/USD is now above the 50 level.
Hot Take: Ethereum Price Rebounds as Bulls Gain Momentum
Ethereum’s price has shown resilience as it rebounds from its recent lows. Despite Bitcoin’s decline, Ethereum has managed to gain traction and surpass key resistance levels. With support forming and technical indicators showing bullish signals, there is potential for further upward movement.
However, if Ethereum fails to break through the resistance level, a decline may be on the horizon. Traders should closely monitor price movements and key support levels to make informed decisions.
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