{"id":2156,"date":"2024-08-30T03:28:36","date_gmt":"2024-08-30T03:28:36","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=2156"},"modified":"2024-08-30T03:28:36","modified_gmt":"2024-08-30T03:28:36","slug":"ethereum-price-stages-a-comeback-but-lacks-the-bullish-punch","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=2156","title":{"rendered":"Ethereum Price Stages a Comeback, But Lacks the Bullish Punch"},"content":{"rendered":"

Ethereum price started a recovery wave from the $2,400 zone. ETH is now struggling to gain pace for a move above the $2,600 resistance zone.<\/em><\/p>\n

Ethereum started a recovery wave above $2,500 and $2,550.
\nThe price is trading below $2,550 and the 100-hourly Simple Moving Average.
\nThere was a break above a key bearish trend line with resistance at $2,550 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair must stay above $2,485 to start another increase in the near term.<\/p>\n

Ethereum Price Attempts Recovery<\/h2>\n

Ethereum price remained stable above $2,400 and attempted a recovery wave like Bitcoin<\/a>. The price was able to rise above the $2,480 and $2,500 resistance levels.<\/p>\n

There was a move above the 23.6% Fib retracement level of the downward wave from the $2,792 swing high to the $2,395 low. The price even surpassed the $2,550 resistance<\/a>. There was a break above a key bearish trend line with resistance at $2,550 on the hourly chart of ETH\/USD.<\/p>\n

However, the bears were active near the $2,600 resistance. They protected the 50% Fib retracement level of the downward wave from the $2,792 swing high to the $2,395 low.<\/p>\n

Ethereum price is now trading below $2,580 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,550 level and the 100-hourly Simple Moving Average. The first major resistance is near the $2,600 level. A close above the $2,600 level might send Ether toward the $2,660 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 $2,600 resistance, it could start another decline. Initial support on the downside is near $2,500. The first major support sits near the $2,485 zone.<\/p>\n

A clear move below the $2,485 support might push the price toward $2,420 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 bullish zone.<\/p>\n

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

Major Support Level \u2013 $2,485<\/p>\n

Major Resistance Level \u2013 $2,600<\/p>","protected":false},"excerpt":{"rendered":"

Ethereum price started a recovery wave from the $2,400 zone. ETH is now struggling to gain pace for a move above the $2,600 resistance zone. Ethereum started a recovery wave above $2,500 and $2,550. The price is trading below $2,550 and the 100-hourly Simple Moving Average. There was a break above a key bearish trend […]<\/p>\n","protected":false},"author":0,"featured_media":2157,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-2156","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\/2156"}],"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=2156"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/2156\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/2157"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2156"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2156"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2156"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}