{"id":5063,"date":"2024-09-10T03:28:25","date_gmt":"2024-09-10T03:28:25","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=5063"},"modified":"2024-09-10T03:28:25","modified_gmt":"2024-09-10T03:28:25","slug":"ethereum-price-recovers-higher-but-lacks-bullish-drive-to-test-2500","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=5063","title":{"rendered":"Ethereum Price Recovers Higher But Lacks Bullish Drive To Test $2,500"},"content":{"rendered":"

Ethereum price is attempting a recovery wave above $2,320. ETH might struggle to gain pace for a move toward the $2,500 resistance zone.<\/em><\/p>\n

Ethereum is attempting a recovery wave above the $2,250 zone.
\nThe price is trading above $2,320 and the 100-hourly Simple Moving Average.
\nThere is a connecting bullish trend line forming with support at $2,320 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair must clear the $2,400 resistance to continue higher in the near term.<\/p>\n

Ethereum Price Recovers Above $2,320<\/h2>\n

Ethereum price started a recovery wave above the $2,250 level. ETH was able to clear the $2,280 resistance zone to move into a positive zone, but momentum was weak compared to Bitcoin<\/a>.<\/p>\n

There was a move above the 50% Fib retracement level of the downward move from the $2,488 swing high to the $2,150 low. The bulls were able to push the price above the $2,320 resistance zone. The price even spiked above the $2,350 level.<\/p>\n

Ethereum price is now trading above $2,320 and the 100-hourly Simple Moving Average<\/a>. There is also a connecting bullish trend line forming with support at $2,320 on the hourly chart of ETH\/USD.<\/p>\n

On the upside, the price seems to be facing hurdles near the $2,375 level. The first major resistance is near the $2,400 level or the 76.4% Fib retracement level of the downward move from the $2,488 swing high to the $2,150 low. A close above the $2,400 level might send Ether toward the $2,450 resistance.<\/p>\n

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

The next key resistance is near $2,500. An upside break above the $2,500 resistance might send the price higher toward the $2,550 resistance zone in the near term.<\/p>\n

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

If Ethereum fails to clear the $2,400 resistance, it could start another decline. Initial support on the downside is near $2,320 and the trend line. The first major support sits near the $2,240 zone.<\/p>\n

A clear move below the $2,240 support might push the price toward $2,150. Any more losses might send the price toward the $2,050 support level in the near term. The next key support sits at $2,000.<\/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 $2,320<\/p>\n

Major Resistance Level \u2013 $2,400<\/p>","protected":false},"excerpt":{"rendered":"

Ethereum price is attempting a recovery wave above $2,320. ETH might struggle to gain pace for a move toward the $2,500 resistance zone. Ethereum is attempting a recovery wave above the $2,250 zone. The price is trading above $2,320 and the 100-hourly Simple Moving Average. There is a connecting bullish trend line forming with support […]<\/p>\n","protected":false},"author":0,"featured_media":5064,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-5063","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\/5063"}],"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=5063"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/5063\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/5064"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5063"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5063"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5063"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}