Ethereum Price Eyes Recovery—Can ETH Kick Off a Fresh Upside Move?

NewsBTC
Updated
Mitrade
coverImg
Source: DepositPhotos

Ethereum price started a fresh decline and tested the $2,450 zone. ETH is now correcting losses and might aim for a move above the $2,620 resistance.

  • Ethereum started a fresh decline below the $2,750 level.

  • The price is trading near $2,575 and the 100-hourly Simple Moving Average.

  • There was a break above a contracting triangle with resistance at $2,550 on the hourly chart of ETH/USD (data feed via Kraken).

  • The pair could start a fresh increase if it clears the $2,620 zone in the near term.

Ethereum Price Corrects Losses

Ethereum price started a fresh decline below the $2,750 and $2,620 levels, like Bitcoin. ETH price even traded below the $2,500 level and tested $2,440.

A low was formed at $2,441 and the price recently started a recovery wave. There was a move above the $2,500 and $2,520 levels. The price surpassed the 23.6% Fib retracement level of the downward move from the $2,880 swing high to the $2,441 low.

Besides, there was a break above a contracting triangle with resistance at $2,550 on the hourly chart of ETH/USD. Ethereum price is now trading near $2,575 and the 100-hourly Simple Moving Average.

On the upside, the price could face resistance near the $2,585 level. The next key resistance is near the $2,620 level. The first major resistance is near the $2,660 level. It is near the 50% Fib retracement level of the downward move from the $2,880 swing high to the $2,441 low.

Ethereum Price

A clear move above the $2,660 resistance might send the price toward the $2,720 resistance. An upside break above the $2,720 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,800 resistance zone or even $2,880 in the near term.

Another Decline In ETH?

If Ethereum fails to clear the $2,620 resistance, it could start a fresh decline. Initial support on the downside is near the $2,540 level. The first major support sits near the $2,500 zone.

A clear move below the $2,500 support might push the price toward the $2,440 support. Any more losses might send the price toward the $2,420 support level in the near term. The next key support sits at $2,350.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now above the 50 zone.

Major Support Level – $2,500

Major Resistance Level – $2,620

* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

goTop
quote
Do you find this article useful?
Related Articles
placeholder
Ethereum validator exit hits nine days waiting, with nearly $2B in ETH ready to exit the networkThe Ethereum (ETH) network is experiencing an exodus of validators waiting in line to exit with their staked ETH. A shift in validator sentiment has followed the 160% rally in Ethereum over the last four months.
Author  FXStreet
7 Month 23 Day Wed
The Ethereum (ETH) network is experiencing an exodus of validators waiting in line to exit with their staked ETH. A shift in validator sentiment has followed the 160% rally in Ethereum over the last four months.
placeholder
Ethereum Price Momentum Explodes—Is the Path to $4K Wide Open?Ethereum price started a fresh increase above the $3,750 zone. ETH is now showing bullish signs and might continue to rise toward the $3,950 zone. Ethereum started a fresh increase above the $3,750
Author  NewsBTC
7 Month 22 Day Tue
Ethereum price started a fresh increase above the $3,750 zone. ETH is now showing bullish signs and might continue to rise toward the $3,950 zone. Ethereum started a fresh increase above the $3,750
placeholder
Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC nears all-time high, ETH eyes $4,000, XRP sets new recordBitcoin (BTC) price is trading above $120,000 on Friday, inching closer to its all-time high of $123,218. Ethereum (ETH) price has surged by over 20% so far this week, with bulls aiming for the $4,000 level next.
Author  FXStreet
7 Month 18 Day Fri
Bitcoin (BTC) price is trading above $120,000 on Friday, inching closer to its all-time high of $123,218. Ethereum (ETH) price has surged by over 20% so far this week, with bulls aiming for the $4,000 level next.
placeholder
Ethereum Road To $10,000: Replay Of May’s Playbook Predicts Another BreakoutAfter beating the resistance mounted at the $3,000 by bears for months now, the Ethereum price looks primed for a further breakout. Expectations currently are that the Ethereum price rally will
Author  NewsBTC
7 Month 18 Day Fri
After beating the resistance mounted at the $3,000 by bears for months now, the Ethereum price looks primed for a further breakout. Expectations currently are that the Ethereum price rally will
placeholder
Ethereum Price Forecast: ETH tests $3,000 following strong ETF and treasury inflowsEthereum (ETH) climbed above $2,900 on Thursday, mimicking the rally seen in Bitcoin. Amid the influence of the top cryptocurrency, strong buying pressure across ETH exchange-traded funds (ETFs) and crypto treasury companies have also pushed up ETH's price.
Author  FXStreet
7 Month 11 Day Fri
Ethereum (ETH) climbed above $2,900 on Thursday, mimicking the rally seen in Bitcoin. Amid the influence of the top cryptocurrency, strong buying pressure across ETH exchange-traded funds (ETFs) and crypto treasury companies have also pushed up ETH's price.
Real-time Quote