Ethereum Price Recovery May Stall Near 100-SMA: Is a Drop Coming?

NewsBTC
Updated
Mitrade
coverImg
Source: DepositPhotos

Ethereum price is attempting a recovery wave above $2,280. ETH must clear the $2,360 resistance to continue higher in the near term.


  • Ethereum is attempting a recovery wave from the $2,150 zone.

  • The price is trading below $2,320 and the 100-hourly Simple Moving Average.

  • There was a break above a key bearish trend line with resistance at $2,280 on the hourly chart of ETH/USD (data feed via Kraken).

  • The pair must clear the $2,360 resistance to continue higher in the near term.


Ethereum Price Faces Resistance


Ethereum price attempted a recovery wave above the $2,400 level. However, ETH failed to clear the $2,450 resistance zone. There was a fresh decline below $2,320 like Bitcoin.


It tested the $2,150 support zone. A low was formed at $2,150 and the price is now attempting a recovery wave. There was a move above the $2,220 and $2,280 resistance levels. The price climbed above the 23.6% Fib retracement level of the downward wave from the $2,488 swing high to the $2,150 low.

There was a break above a key bearish trend line with resistance at $2,280 on the hourly chart of ETH/USD. Ethereum price is now trading below $2,320 and the 100-hourly Simple Moving Average.


On the upside, the price seems to be facing hurdles near the $2,320 level. The first major resistance is near the $2,360 level or the 61.8% Fib retracement level of the downward wave from the $2,488 swing high to the $2,150 low. A close above the $2,360 level might send Ether toward the $2,420 resistance.


Ethereum Price

The next key resistance is near $2,480. An upside break above the $2,480 resistance might send the price higher toward the $2,550 resistance zone in the near term.


Another Decline In ETH?


If Ethereum fails to clear the $2,360 resistance, it could start another decline. Initial support on the downside is near $2,250. The first major support sits near the $2,180 zone.


A clear move below the $2,180 support might push the price toward $2,150. Any more losses might send the price toward the $2,050 support level in the near term. The next key support sits at $2,000.


Technical Indicators


Hourly MACDThe MACD for ETH/USD is losing momentum in the bearish zone.

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

Major Support Level – $2,180

Major Resistance Level – $2,360

* 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 Price Trims Gains: Is the Rally Losing Steam?Ethereum price is correcting gains from the $2,720 resistance. ETH is now trading below $2,650 and might find bids near the $2,600 level. Ethereum started a downside correction from the $2,720 zone.
Author  NewsBTC
Sep 30, Mon
Ethereum price is correcting gains from the $2,720 resistance. ETH is now trading below $2,650 and might find bids near the $2,600 level. Ethereum started a downside correction from the $2,720 zone.
placeholder
iShares Ethereum ETF surpasses $1B in assets amid market recoveryBlackrock’s iShares Ether ETF has accumulated over $1 billion in assets in just two months. The Ethereum ETF has seen massive inflows, even as crypto investors embrace a more positive front on ETH prices.
Author  Cryptopolitan
Sep 29, Sun
Blackrock’s iShares Ether ETF has accumulated over $1 billion in assets in just two months. The Ethereum ETF has seen massive inflows, even as crypto investors embrace a more positive front on ETH prices.
placeholder
Ethereum Whales Spend $185 Million To Accumulate 70,000 ETH, Time To Buy?Ethereum has largely mirrored Bitcoin in terms of price action and has yet to break out on its own accord in the past few months. According to price data, Ethereum is up by 13% in the past seven days, outpacing Bitcoin’s increase of 5.8% in the same time frame.
Author  NewsBTC
Sep 26, Thu
Ethereum has largely mirrored Bitcoin in terms of price action and has yet to break out on its own accord in the past few months. According to price data, Ethereum is up by 13% in the past seven days, outpacing Bitcoin’s increase of 5.8% in the same time frame.
placeholder
Ethereum Price Reaches $2,500 Again: Will The Uptrend Hold?Ethereum price remained well-supported and extended its increase, beating Bitcoin. ETH was able to clear the $2,350 and $2,420 resistance levels.
Author  NewsBTC
Sep 20, Fri
Ethereum price remained well-supported and extended its increase, beating Bitcoin. ETH was able to clear the $2,350 and $2,420 resistance levels.
placeholder
Ethereum Trails Bitcoin, But Bullish Momentum Gains StrengthEthereum price started a fresh upward move above the $2,335 resistance. ETH is now aiming for more upsides above the $2,420 resistance.
Author  NewsBTC
Sep 19, Thu
Ethereum price started a fresh upward move above the $2,335 resistance. ETH is now aiming for more upsides above the $2,420 resistance.