{"id":3024,"date":"2024-09-03T03:18:58","date_gmt":"2024-09-03T03:18:58","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=3024"},"modified":"2024-09-03T03:18:58","modified_gmt":"2024-09-03T03:18:58","slug":"ethereum-price-gains-may-fade-soon-can-bulls-sustain-the-recovery","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=3024","title":{"rendered":"Ethereum Price Gains May Fade Soon: Can Bulls Sustain the Recovery?"},"content":{"rendered":"

Ethereum price is attempting a recovery wave from the $2,400 zone. ETH must clear $2,550 to continue higher in the near term.<\/em><\/p>\n

Ethereum started a decent recovery wave above the $2,450 level.
\nThe price is trading above $2,500 and the 100-hourly Simple Moving Average.
\nThere was a break above a connecting bearish trend line with resistance at $2,485 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair must stay above $2,500 to start another increase in the near term.<\/p>\n

Ethereum Price Starts Recovery<\/h2>\n

Ethereum price extended losses<\/a> below the $2,500 level. ETH even tested the $2,400 support before the bulls appeared. The price started a recovery wave above the $2,450 level like Bitcoin<\/a>.<\/p>\n

There was a move above the $2,480 and $2,500 resistance levels. The price climbed above the 50% Fib retracement level of the downward wave from the $2,595 swing high to the $2,400 low. Besides, there was a break above a connecting bearish trend line with resistance at $2,485 on the hourly chart of ETH\/USD.<\/p>\n

Ethereum price is now trading above $2,500 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,550 level. It is close to the 76.4% Fib retracement level of the downward wave from the $2,595 swing high to the $2,400 low.<\/p>\n

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

The first major resistance is near the $2,600 level. A close above the $2,600 level might send Ether toward the $2,650 resistance. The next key resistance is near $2,720. An upside break above the $2,720 resistance might send the price higher toward the $2,800 resistance zone in the near term.<\/p>\n

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

If Ethereum fails to clear the $2,550 resistance, it could start another decline. Initial support on the downside is near $2,495. 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 $2,400 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 gaining momentum in the bullish 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 is attempting a recovery wave from the $2,400 zone. ETH must clear $2,550 to continue higher in the near term. Ethereum started a decent recovery wave above the $2,450 level. The price is trading above $2,500 and the 100-hourly Simple Moving Average. There was a break above a connecting bearish trend line with […]<\/p>\n","protected":false},"author":0,"featured_media":3025,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-3024","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\/3024"}],"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=3024"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/3024\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/3025"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3024"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3024"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3024"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}