{"id":12769,"date":"2024-10-10T03:28:17","date_gmt":"2024-10-10T03:28:17","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=12769"},"modified":"2024-10-10T03:28:17","modified_gmt":"2024-10-10T03:28:17","slug":"ethereum-price-retests-2350-is-a-bounce-in-the-cards","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=12769","title":{"rendered":"Ethereum Price Retests $2,350: Is a Bounce In The Cards?"},"content":{"rendered":"

Ethereum price extended losses and tested the $2,350 support. ETH is now consolidating and might aim for a fresh increase above the $2,400 resistance.<\/em><\/p>\n

Ethereum started a downside correction below the $2,400 zone.
\nThe price is trading just above $2,420 and the 100-hourly Simple Moving Average.
\nThere was a break below a short-term rising channel with support at $2,425 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair must stay above the $2,350 support level to start another increase in the near term.<\/p>\n

Ethereum Price Dips Further<\/h2>\n

Ethereum price failed to start a fresh increase above the $2,500 resistance zone. ETH remained in a bearish zone like Bitcoin<\/a> and traded below the $2,420 support zone.<\/p>\n

There was also a move below the $2,400 level. There was a break below a short-term rising channel with support at $2,425 on the hourly chart of ETH\/USD. The price tested the $2,350 support zone. A low was formed at $2,350 and the price is now rising.<\/p>\n

There was a move above the $2,350 and $2,360 levels. The price climbed above the 23.6% Fib retracement level of the downward move from the $2,467 swing high to the $2,350 low.<\/p>\n

Ethereum price is now trading below $2,425 and the 100-hourly Simple Moving Average<\/a>. On the upside, the price seems to be facing hurdles near the $2,400 level or the 50% Fib retracement level of the downward move from the $2,467 swing high to the $2,350 low at $2,410.<\/p>\n

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

A clear move above the $2,410 resistance might send the price toward the $2,450 resistance. An upside break above the $2,450 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 $2,600 level or $2,620.<\/p>\n

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

If Ethereum fails to clear the $2,410 resistance, it could start another decline. Initial support on the downside is near the $2,365 level. The first major support sits near the $2,350 zone.<\/p>\n

A clear move below the $2,350 support might push the price toward $2,300. Any more losses might send the price toward the $2,250 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 below the 50 zone.<\/p>\n

Major Support Level \u2013 $2,350<\/p>\n

Major Resistance Level \u2013 $2,410<\/p>","protected":false},"excerpt":{"rendered":"

Ethereum price extended losses and tested the $2,350 support. ETH is now consolidating and might aim for a fresh increase above the $2,400 resistance. Ethereum started a downside correction below the $2,400 zone. The price is trading just above $2,420 and the 100-hourly Simple Moving Average. There was a break below a short-term rising channel […]<\/p>\n","protected":false},"author":0,"featured_media":12770,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-12769","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\/12769"}],"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=12769"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/12769\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/12770"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12769"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12769"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12769"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}