{"id":3376,"date":"2024-09-04T03:48:42","date_gmt":"2024-09-04T03:48:42","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=3376"},"modified":"2024-09-04T03:48:42","modified_gmt":"2024-09-04T03:48:42","slug":"ethereum-price-downside-eases-is-momentum-shifting","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=3376","title":{"rendered":"Ethereum Price Downside Eases: Is Momentum Shifting?"},"content":{"rendered":"

Ethereum price dived below the $2,420 and $2,400 support levels. ETH tested $2,300 and is now showing signs of a decent recovery wave.<\/em><\/p>\n

Ethereum is attempting a recovery wave from the $2,300 zone.
\nThe price is trading below $2,500 and the 100-hourly Simple Moving Average.
\nThere is a key bearish trend line forming with resistance at $2,440 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair must clear the $2,500 resistance to start a steady increase in the near term.<\/p>\n

Ethereum Price Dips Again<\/h2>\n

Ethereum price extended losses<\/a> below the $2,420 level. ETH even traded below the $2,400 support before the bulls appeared. A low was formed at $2,308 and the price is now attempting a recovery wave like Bitcoin<\/a>.<\/p>\n

There was a move above the $2,320 and $2,350 resistance levels. The price climbed above the 23.6% Fib retracement level of the downward wave from the $2,564 swing high to the $2,308 low, but there are many hurdles on the upside.<\/p>\n

Ethereum price is now trading below $2,500 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,440 level. It is close to the 50% Fib retracement level of the downward wave from the $2,564 swing high to the $2,308 low.<\/p>\n

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

There is also a key bearish trend line forming with resistance at $2,440 on the hourly chart of ETH\/USD. The first major resistance is near the $2,500 level. A close above the $2,500 level might send Ether toward the $2,550 resistance. The next key resistance is near $2,650. An upside break above the $2,650 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 $2,440 resistance, it could start another decline. Initial support on the downside is near $2,320. The first major support sits near the $2,300 zone.<\/p>\n

A clear move below the $2,300 support might push the price toward $2,250. Any more losses might send the price toward the $2,120 support level in the near term. The next key support sits at $2,040.<\/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 $2,300<\/p>\n

Major Resistance Level \u2013 $2,440<\/p>","protected":false},"excerpt":{"rendered":"

Ethereum price dived below the $2,420 and $2,400 support levels. ETH tested $2,300 and is now showing signs of a decent recovery wave. Ethereum is attempting a recovery wave from the $2,300 zone. The price is trading below $2,500 and the 100-hourly Simple Moving Average. There is a key bearish trend line forming with resistance […]<\/p>\n","protected":false},"author":0,"featured_media":3377,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-3376","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\/3376"}],"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=3376"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/3376\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/3377"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3376"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3376"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3376"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}