Ethereum’s price has reached a crucial support level at $2,300 and is now attempting to recover and break above the $2,340 resistance level. If successful, ETH could test the $2,390 level and potentially climb higher.
The recent decline in Ethereum’s price saw it breaking below the $2,400 and $2,420 levels, and it is currently trading below the 100-hourly Simple Moving Average. However, there was a positive development as the price managed to break above a connecting bearish trend line with resistance near $2,340 on the hourly chart.
Moving forward, the next hurdle for Ethereum is the $2,365 level, followed by the $2,390 level or the 50% Fibonacci retracement level of the downward move from the $2,479 swing high to the $2,302 low. A clear break above $2,400 could signal a decent increase and potentially push the price towards the $2,480 level.
On the other hand, if Ethereum fails to clear the $2,390 resistance, it may experience another decline. The initial support on the downside is near the $2,320 level, followed by the key support at $2,300. A breakdown below this support could lead to further losses, potentially testing the $2,250 and $2,200 levels.
In terms of technical indicators, the MACD for ETH/USD is currently losing momentum in the bearish zone, and the RSI is below the 50 level.
It’s important to note that this information is provided for educational purposes only and does not constitute financial advice. Ultimately, conducting your own research and assessing the risks is essential before making any investment decisions.