{"id":11426,"date":"2024-10-04T03:28:03","date_gmt":"2024-10-04T03:28:03","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=11426"},"modified":"2024-10-04T03:28:03","modified_gmt":"2024-10-04T03:28:03","slug":"ethereum-price-next-move-hinges-on-clearing-this-crucial-hurdle","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=11426","title":{"rendered":"Ethereum Price Next Move Hinges on Clearing This Crucial Hurdle"},"content":{"rendered":"

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.<\/em><\/p>\n

Ethereum declined further and traded below the $2,350 zone.
\nThe price is trading below $2,400 and the 100-hourly Simple Moving Average.
\nThere is a key bearish trend line forming with resistance at $2,400 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair must clear the $2,400 and $2,420 resistance levels to start a decent increase in the near term.<\/p>\n

Ethereum Price Eyes Recovery<\/h2>\n

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<\/a>.<\/p>\n

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.<\/p>\n

Ethereum price is now trading below $2,400 and the 100-hourly Simple Moving Average<\/a>. 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.<\/p>\n

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.<\/p>\n

<\/a><\/p>\n

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.<\/p>\n

Another Decline In ETH?<\/h2>\n

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.<\/p>\n

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.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is losing momentum in the bearish zone.<\/p>\n

Hourly RSI \u2013 <\/strong>The RSI for ETH\/USD is now below the 50 zone.<\/p>\n

Major Support Level \u2013 $2,300<\/p>\n

Major Resistance Level \u2013 $2,400<\/p>","protected":false},"excerpt":{"rendered":"

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 […]<\/p>\n","protected":false},"author":0,"featured_media":11427,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-11426","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/11426"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11426"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/11426\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/11427"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11426"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11426"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11426"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}