4 October 2024
Ethereum price extended its decline below the $2,350 level. ETH is now recovering from losses and faces a major hurdle near the $2,300 zone.
Ethereum declined further and traded below the $2,350 zone.
The price is trading below $2,400 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance at $2,400 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must clear the $2,400 and $2,420 resistance levels to start a decent increase in the near term.
Ethereum Price Eyes Recovery
Ethereum price remained in a bearish zone and extended losses below the $2,400 level. ETH traded below the $2,350 support to move further in a bearish zone like Bitcoin.
The price even spiked below the $2,320 support level. A low was formed near $2,311 and the price is now consolidating losses. There was a minor increase above the $2,350 level. The price is still below the 23.6% Fib retracement level of the downward wave from the $2,655 swing high to the $2,311 low.
Ethereum price is now trading below $2,400 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,400 level. There is also a key bearish trend line forming with resistance at $2,400 on the hourly chart of ETH/USD.
A clear move above the trend line resistance might send the price toward the $2,480 resistance. It is close to the 50% Fib retracement level of the downward wave from the $2,655 swing high to the $2,311 low.
An upside break above the $2,480 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,550 resistance zone in the near term. The next hurdle sits near the $2,650 level or $2,665.
Another Decline In ETH?
If Ethereum fails to clear the $2,400 resistance, it could start another decline. Initial support on the downside is near the $2,350 level. The first major support sits near the $2,300 zone.
A clear move below the $2,300 support might push the price toward $2,220. 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 losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $2,300
Major Resistance Level – $2,400