{"id":1871,"date":"2024-08-29T03:48:28","date_gmt":"2024-08-29T03:48:28","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=1871"},"modified":"2024-08-29T03:48:28","modified_gmt":"2024-08-29T03:48:28","slug":"ethereum-price-hints-at-recovery-is-a-comeback-in-sight","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=1871","title":{"rendered":"Ethereum Price Hints at Recovery: Is a Comeback in Sight?"},"content":{"rendered":"

Ethereum price tested the $2,400 zone and recovered some losses. ETH must clear the $2,550 resistance zone to start a decent increase in the near term.<\/em><\/p>\n

Ethereum started a consolidation phase after a sharp decline to $2,400.
\nThe price is trading below $2,550 and the 100-hourly Simple Moving Average.
\nThere is a key bearish trend line forming with resistance at $2,555 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could start a recovery wave if it clears the $2,555 and $2,600 resistance levels.<\/p>\n

Ethereum Price Eyes Recovery<\/h2>\n

Ethereum price extended its decline<\/a> below the $2,650 level. ETH even traded below the $2,550 and $2,500 support levels like Bitcoin<\/a>. Finally, the bulls appeared near the $2,400 zone.<\/p>\n

A low was formed at $2,394 and the price recently started a minor recovery wave. There was a move above the $2,450 and $2,480 levels. It broke the 23.6% Fib retracement level of the downward wave from the $2,820 swing high to the $2,394 low.<\/p>\n

Ethereum price is now trading below $2,550 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,550 level. There is also a key bearish trend line forming with resistance at $2,555 on the hourly chart of ETH\/USD.<\/p>\n

The first major resistance is near the $2,600 level. It is near the 50% Fib retracement level of the downward wave from the $2,820 swing high to the $2,394 low. A close above the $2,600 level might send Ether toward the $2,665 resistance.<\/p>\n

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

The next key resistance is near $2,720. An upside break above the $2,720 resistance might send the price higher toward the $2,820 resistance zone in the near term.<\/p>\n

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

If Ethereum fails to clear the $2,555 resistance, it could start another decline. Initial support on the downside is near $2,480. The first major support sits near the $2,450 zone.<\/p>\n

A clear move below the $2,450 support might push the price toward $2,425 where the bulls could emerge. Any more losses might send the price toward the $2,320 support level in the near term. The next key support sits at $2,250.<\/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 $2,450<\/p>\n

Major Resistance Level \u2013 $2,550<\/p>","protected":false},"excerpt":{"rendered":"

Ethereum price tested the $2,400 zone and recovered some losses. ETH must clear the $2,550 resistance zone to start a decent increase in the near term. Ethereum started a consolidation phase after a sharp decline to $2,400. The price is trading below $2,550 and the 100-hourly Simple Moving Average. There is a key bearish trend […]<\/p>\n","protected":false},"author":0,"featured_media":1872,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-1871","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\/1871"}],"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=1871"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/1871\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/1872"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1871"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1871"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1871"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}