Ethereum Price Eyes Bullish Momentum: Is a Breakout Imminent?
September 10 2024 - 10:18PM
NEWSBTC
Ethereum price is attempting a fresh increase wave above $2,300.
ETH might gain bullish momentum if it clears the $2,400 resistance
zone. Ethereum is attempting a recovery wave above the $2,300 zone.
The price is trading above $2,330 and the 100-hourly Simple Moving
Average. There is a connecting bullish trend line forming with
support at $2,335 on the hourly chart of ETH/USD (data feed via
Kraken). The pair must clear the $2,400 resistance to continue
higher in the near term. Ethereum Price Eyes More Upsides Ethereum
price started a recovery wave above the $2,300 level. ETH was able
to clear the $2,320 resistance zone to move into a positive zone
like Bitcoin. However, the bears were active near the $2,400
resistance. A high was formed at $2,398 and the price is now
consolidating gains. There was a minor decline below the $2,360
level. The price dipped below the 23.6% Fib retracement level of
the upward move from the $2,242 swing low to the $2,398 high.
Ethereum price is now trading above $2,300 and the 100-hourly
Simple Moving Average. There is also a connecting bullish trend
line forming with support at $2,335 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles near the $2,380
level. The first major resistance is near the $2,400 level. A close
above the $2,400 level might send Ether toward the $2,465
resistance. The next key resistance is near $2,500. An upside break
above the $2,500 resistance might call for more gains toward the
$2,550 resistance zone in the near term. 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 $2,335 and
the trend line. The first major support sits near the $2,300 zone
or the 61.8% Fib retracement level of the upward move from the
$2,242 swing low to the $2,398 high. A clear move below the $2,300
support might push the price toward $2,240. Any more losses might
send the price toward the $2,150 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 bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone. Major
Support Level – $2,240 Major Resistance Level – $2,400
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