{"id":12491,"date":"2024-10-09T03:28:16","date_gmt":"2024-10-09T03:28:16","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=12491"},"modified":"2024-10-09T03:28:16","modified_gmt":"2024-10-09T03:28:16","slug":"ethereum-price-at-support-will-it-bounce-or-break","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=12491","title":{"rendered":"Ethereum Price at Support: Will It Bounce or Break?"},"content":{"rendered":"

Ethereum price corrected gains and tested the $2,400 support. ETH is now consolidating and might aim for a fresh increase above the $2,465 resistance.<\/em><\/p>\n

Ethereum started a downside correction below the $2,500 zone.
\nThe price is trading just above $2,430 and the 100-hourly Simple Moving Average.
\nThere is a short-term rising channel forming with support at $2,420 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair must stay above the $2,400 support level to start another increase in the near term.<\/p>\n

Ethereum Price Holds Support<\/h2>\n

Ethereum price failed to extend gains above the $2,500 resistance zone. ETH started a downside correction like Bitcoin<\/a> and traded below the $2,465 support zone.<\/p>\n

There was also a move below the $2,420 level. The price tested the 50% Fib retracement level of the upward wave from the $2,310 swing low to the $2,519 high. It seems like the bulls are now protecting more downsides below the $2,400 support level.<\/p>\n

Ethereum price is now trading just above $2,430 and the 100-hourly Simple Moving Average<\/a>. On the upside, the price seems to be facing hurdles near the $2,465 level. There is also a short-term rising channel forming with support at $2,420 on the hourly chart of ETH\/USD.<\/p>\n

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

A clear move above the $2,465 resistance might send the price toward the $2,500 resistance. An upside break above the $2,500 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,600 resistance zone in the near term. The next hurdle sits near the $2,650 level or $2,665.<\/p>\n

More Losses In ETH?<\/h2>\n

If Ethereum fails to clear the $2,465 resistance, it could start another decline. Initial support on the downside is near the $2,420 level. The first major support sits near the $2,390 zone or the 61.8% Fib retracement level of the upward wave from the $2,310 swing low to the $2,519 high.<\/p>\n

A clear move below the $2,390 support might push the price toward $2,325. Any more losses might send the price toward the $2,240 support level in the near term. The next key support sits at $2,120.<\/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 above the 50 zone.<\/p>\n

Major Support Level \u2013 $2,390<\/p>\n

Major Resistance Level \u2013 $2,465<\/p>","protected":false},"excerpt":{"rendered":"

Ethereum price corrected gains and tested the $2,400 support. ETH is now consolidating and might aim for a fresh increase above the $2,465 resistance. Ethereum started a downside correction below the $2,500 zone. The price is trading just above $2,430 and the 100-hourly Simple Moving Average. There is a short-term rising channel forming with support […]<\/p>\n","protected":false},"author":0,"featured_media":12492,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-12491","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\/12491"}],"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=12491"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/12491\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/12492"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12491"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12491"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12491"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}