Ethereum Price Poised to Climb Higher: What’s Next for ETH?
06 Agosto 2024 - 10:18PM
NEWSBTC
Ethereum price started a recovery wave above the $2,350 resistance
zone. ETH could gain bullish momentum if it clears the $2,680
resistance zone. Ethereum started a recovery wave above the $2,350
and $2,420 levels. The price is trading below $2,640 and the
100-hourly Simple Moving Average. There is a connecting bullish
trend line forming with support at $2,440 on the hourly chart of
ETH/USD (data feed via Kraken). The pair could rise steadily if it
clears the $2,680 resistance zone. Ethereum Price Aims Higher
Ground Ethereum price started a recovery wave after a nasty spike
below the $2,000 level. ETH climbed above the $2,200 and $2,250
resistance levels like Bitcoin above $65,000. There was a move
above the 50% Fib retracement level of the downward wave from the
$2,920 swing high to the $1,910 swing low. Moreover, there is also
a connecting bullish trend line forming with support at $2,440 on
the hourly chart of ETH/USD. However, the bears are active near the
$2,540 and $2,550 levels. Ethereum price is still trading below
$2,650 and the 100-hourly Simple Moving Average. On the upside, the
price is facing hurdles near the $2,540 level and the 61.8% Fib
retracement level of the downward wave from the $2,920 swing high
to the $1,910 swing low. The first major resistance is near the
$2,680 level and the 100-hourly Simple Moving Average. The next
major hurdle is near the $2,720 level. A close above the $2,720
level might send Ether toward the $2,860 resistance. The next key
resistance is near $2,920. An upside break above the $2,920
resistance might send the price higher toward the $3,000 resistance
zone in the near term. Another Decline In ETH? If Ethereum fails to
clear the $2,540 resistance, it could start another decline.
Initial support on the downside is near $2,440 and the trend line
zone. The first major support sits near the $2,365 zone. A clear
move below the $2,365 support might push the price toward $2,250.
Any more losses might send the price toward the $2,120 support
level in the near term. The next key support sits at $2,050.
Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining
momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is
now above the 50 zone. Major Support Level – $2,365 Major
Resistance Level – $2,540
Ethereum (COIN:ETHUSD)
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Ethereum (COIN:ETHUSD)
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