{"id":15772,"date":"2024-10-23T03:28:20","date_gmt":"2024-10-23T03:28:20","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=15772"},"modified":"2024-10-23T03:28:20","modified_gmt":"2024-10-23T03:28:20","slug":"ethereum-price-battles-to-bounce-back-is-a-recovery-coming","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=15772","title":{"rendered":"Ethereum Price Battles to Bounce Back: Is a Recovery Coming?"},"content":{"rendered":"

Ethereum price struggled to continue higher above the $2,750 resistance and corrected gains. ETH is now struggling to start a fresh increase above $2,650.<\/em><\/p>\n

Ethereum started a downside correction below the $2,650 support.
\nThe price is trading below $2,650 and the 100-hourly Simple Moving Average.
\nThere was a break above a connecting bearish trend line with resistance at $2,620 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could start a fresh increase if it clears the $2,650 and $2,680 resistance levels.<\/p>\n

Ethereum Price Starts Consolidation<\/h2>\n

Ethereum price started a downside correction from the $2,750 resistance like Bitcoin<\/a>. ETH traded below the $2,700 and $2,650 support levels to enter a short-term bearish zone.<\/p>\n

The price traded as low as $2,605 and is currently consolidating losses<\/a>. There was a minor increase above the $2,620 level. The price traded close to the 23.6% Fib retracement level of the downward move from the $2,757 swing high to the $2,605 low.<\/p>\n

Besides, there was a break above a connecting bearish trend line with resistance at $2,620 on the hourly chart of ETH\/USD. However, the price is struggling to gain bullish momentum.<\/p>\n

Ethereum price is now trading below $2,650 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,650 level. The first major resistance is near the $2,700 level. It is close to the 50% Fib retracement level of the downward move from the $2,757 swing high to the $2,605 low.<\/p>\n

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

A clear move above the $2,700 resistance might send the price toward the $2,750 resistance. An upside break above the $2,750 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,800 resistance zone in the near term. The next hurdle sits near the $2,850 level or $2,880.<\/p>\n

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

If Ethereum fails to clear the $2,650 resistance, it could start another decline. Initial support on the downside is near the $2,600 level. The first major support sits near the $2,550 zone.<\/p>\n

A clear move below the $2,550 support might push the price toward $2,500. Any more losses might send the price toward the $2,440 support level in the near term. The next key support sits at $2,420.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is gaining 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 $2,600<\/p>\n

Major Resistance Level \u2013 $2,650<\/p>","protected":false},"excerpt":{"rendered":"

Ethereum price struggled to continue higher above the $2,750 resistance and corrected gains. ETH is now struggling to start a fresh increase above $2,650. Ethereum started a downside correction below the $2,650 support. The price is trading below $2,650 and the 100-hourly Simple Moving Average. There was a break above a connecting bearish trend line […]<\/p>\n","protected":false},"author":0,"featured_media":15773,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-15772","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\/15772"}],"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=15772"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/15772\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/15773"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15772"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15772"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15772"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}