{"id":4021,"date":"2024-09-06T02:58:23","date_gmt":"2024-09-06T02:58:23","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=4021"},"modified":"2024-09-06T02:58:23","modified_gmt":"2024-09-06T02:58:23","slug":"ethereum-price-poised-for-steady-recovery-can-it-build-momentum","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=4021","title":{"rendered":"Ethereum Price Poised for Steady Recovery: Can It Build Momentum?"},"content":{"rendered":"

Ethereum price is attempting a recovery wave above $2,380. ETH must clear the $2,440 resistance to continue higher in the near term.<\/em><\/p>\n

Ethereum is attempting a recovery wave from the $2,350 zone.
\nThe price is trading below $2,440 and the 100-hourly Simple Moving Average.
\nThere is a connecting bearish trend line forming with resistance at $2,400 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair must clear the $2,440 resistance to continue higher in the near term.<\/p>\n

Ethereum Price Faces Resistance<\/h2>\n

Ethereum price attempted a recovery wave above the $2,440 level. However, ETH failed to clear the $2,500 resistance zone. A high was formed at $2,488 and the price declined again like Bitcoin<\/a>.<\/p>\n

It tested the $2,350 support zone. A low was formed at $2,347 and the price is now attempting a recovery wave. There was a move above the $2,365 and $2,380 resistance levels. The price climbed above the 23.6% Fib retracement level of the downward wave from the $2,488 swing high to the $2,347 low.<\/p>\n

Ethereum price is now trading below $2,440 and the 100-hourly Simple Moving Average<\/a>. On the upside, the price seems to be facing hurdles near the $2,400 level. There is also a connecting bearish trend line forming with resistance at $2,400 on the hourly chart of ETH\/USD.<\/p>\n

The first major resistance is near the $2,440 level or the 61.8% Fib retracement level of the downward wave from the $2,488 swing high to the $2,347 low. A close above the $2,440 level might send Ether toward the $2,500 resistance.<\/p>\n

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

The next key resistance is near $2,550. An upside break above the $2,550 resistance might send the price higher toward the $2,720 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 $2,365. The first major support sits near the $2,350 zone.<\/p>\n

A clear move below the $2,350 support might push the price toward $2,310. Any more losses might send the price toward the $2,250 support level in the near term. The next key support sits at $2,120.<\/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 $2,350<\/p>\n

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

Ethereum price is attempting a recovery wave above $2,380. ETH must clear the $2,440 resistance to continue higher in the near term. Ethereum is attempting a recovery wave from the $2,350 zone. The price is trading below $2,440 and the 100-hourly Simple Moving Average. There is a connecting bearish trend line forming with resistance at […]<\/p>\n","protected":false},"author":0,"featured_media":4022,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-4021","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\/4021"}],"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=4021"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/4021\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/4022"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4021"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4021"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4021"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}