{"id":5389,"date":"2024-09-11T03:18:47","date_gmt":"2024-09-11T03:18:47","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=5389"},"modified":"2024-09-11T03:18:47","modified_gmt":"2024-09-11T03:18:47","slug":"ethereum-price-eyes-bullish-momentum-is-a-breakout-imminent","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=5389","title":{"rendered":"Ethereum Price Eyes Bullish Momentum: Is a Breakout Imminent?"},"content":{"rendered":"

Ethereum price is attempting a fresh increase wave above $2,300. ETH might gain bullish momentum if it clears the $2,400 resistance zone.<\/em><\/p>\n

Ethereum is attempting a recovery wave above the $2,300 zone.
\nThe price is trading above $2,330 and the 100-hourly Simple Moving Average.
\nThere is a connecting bullish trend line forming with support at $2,335 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 Eyes More Upsides<\/h2>\n

Ethereum price started a recovery wave<\/a> above the $2,300 level. ETH was able to clear the $2,320 resistance zone to move into a positive zone like Bitcoin<\/a>. However, the bears were active near the $2,400 resistance.<\/p>\n

A high was formed at $2,398 and the price is now consolidating gains. There was a minor decline below the $2,360 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $2,242 swing low to the $2,398 high.<\/p>\n

Ethereum price is now trading above $2,300 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $2,335 on the hourly chart of ETH\/USD.<\/p>\n

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

On the upside, the price seems to be facing hurdles near the $2,380 level. The first major resistance is near the $2,400 level. A close above the $2,400 level might send Ether toward the $2,465 resistance. The next key resistance is near $2,500. An upside break above the $2,500 resistance might call for more gains 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 $2,335 and the trend line. The first major support sits near the $2,300 zone or the 61.8% Fib retracement level of the upward move from the $2,242 swing low to the $2,398 high.<\/p>\n

A clear move below the $2,300 support might push the price toward $2,240. Any more losses might send the price toward the $2,150 support level in the near term. The next key support sits at $2,050.<\/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 $2,240<\/p>\n

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

Ethereum price is attempting a fresh increase wave above $2,300. ETH might gain bullish momentum if it clears the $2,400 resistance zone. Ethereum is attempting a recovery wave above the $2,300 zone. The price is trading above $2,330 and the 100-hourly Simple Moving Average. There is a connecting bullish trend line forming with support at […]<\/p>\n","protected":false},"author":0,"featured_media":5390,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-5389","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\/5389"}],"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=5389"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/5389\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/5390"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5389"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5389"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5389"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}