{"id":3711,"date":"2024-09-05T03:28:29","date_gmt":"2024-09-05T03:28:29","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=3711"},"modified":"2024-09-05T03:28:29","modified_gmt":"2024-09-05T03:28:29","slug":"ethereum-price-gains-in-danger-will-the-decline-continue","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=3711","title":{"rendered":"Ethereum Price Gains in Danger: Will the Decline Continue?"},"content":{"rendered":"

Ethereum price is attempting a recovery wave above $2,420. ETH must clear the $2,500 resistance to continue higher in the near term.<\/em><\/p>\n

Ethereum is attempting a recovery wave from the $2,320 zone.
\nThe price is trading below $2,480 and the 100-hourly Simple Moving Average.
\nThere was a break above a key bearish trend line with resistance at $2,430 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair must clear the $2,500 resistance to continue higher in the near term.<\/p>\n

Ethereum Price Faces Resistance<\/h2>\n

Ethereum price extended losses below the $2,400 level. ETH even traded below the $2,350 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 $2,350 and $2,400 resistance levels<\/a>. The price climbed above the 50% Fib retracement level of the downward wave from the $2,565 swing high to the $2,308 low. There was also a break above a key bearish trend line with resistance at $2,430 on the hourly chart of ETH\/USD.<\/p>\n

However, the price is facing hurdles near $2,480. Ethereum price is now trading below $2,480 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,465 level. It is close to the 61.8% Fib retracement level of the downward wave from the $2,565 swing high to the $2,308 low.<\/p>\n

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

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 $2,620. An upside break above the $2,620 resistance might send the price higher toward the $2,780 resistance zone in the near term.<\/p>\n

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

If Ethereum fails to clear the $2,465 resistance, it could start another decline. Initial support on the downside is near $2,435. The first major support sits near the $2,400 zone.<\/p>\n

A clear move below the $2,400 support might push the price toward $2,340. Any more losses might send the price toward the $2,300 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 above the 50 zone.<\/p>\n

Major Support Level \u2013 $2,400<\/p>\n

Major Resistance Level \u2013 $2,500<\/p>","protected":false},"excerpt":{"rendered":"

Ethereum price is attempting a recovery wave above $2,420. ETH must clear the $2,500 resistance to continue higher in the near term. Ethereum is attempting a recovery wave from the $2,320 zone. The price is trading below $2,480 and the 100-hourly Simple Moving Average. There was a break above a key bearish trend line with […]<\/p>\n","protected":false},"author":0,"featured_media":3712,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-3711","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\/3711"}],"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=3711"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/3711\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/3712"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3711"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3711"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3711"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}