{"id":7222,"date":"2024-09-17T03:28:55","date_gmt":"2024-09-17T03:28:55","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=7222"},"modified":"2024-09-17T03:28:55","modified_gmt":"2024-09-17T03:28:55","slug":"ethereum-price-struggles-to-recover-short-term-outlook-weak","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=7222","title":{"rendered":"Ethereum Price Struggles to Recover: Short-Term Outlook Weak"},"content":{"rendered":"

Ethereum price gained bearish momentum and traded below $2,350. ETH is consolidating losses and might struggle to recover above $2,350.<\/em><\/p>\n

Ethereum started another decline below $2,350 and $2,320.
\nThe price is trading below $2,310 and the 100-hourly Simple Moving Average.
\nThere is a major bearish trend line forming with resistance at $2,360 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair must clear the $2,360 resistance to start a recovery wave in the near term.<\/p>\n

Ethereum Price Starts Consolidation<\/h2>\n

Ethereum price failed to clear the $2,450 resistance and started another decline like Bitcoin<\/a>. ETH traded below the $2,400 and $2,350 support levels to enter a bearish zone.<\/p>\n

The price even dived below the $2,320 level. A low was formed at $2,253 and the price is now consolidating losses<\/a>. There was a minor recovery wave above the $2,285 level. The price tested the 23.6% Fib retracement level of the downward wave from the $2,466 swing high to the $2,253 low.<\/p>\n

Ethereum price is now trading below $2,310 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,300 level. There is also a declining channel forming with resistance at $2,300 on the hourly chart of ETH\/USD.<\/p>\n

The first major resistance is near the $2,340 level. The next key resistance is near $2,360 or the 50% Fib retracement level of the downward wave from the $2,466 swing high to the $2,253 low. There is also a major bearish trend line forming with resistance at $2,360 on the same chart.<\/p>\n

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

An upside break above the $2,360 resistance might call for more gains. In the stated case, Ether could rise toward the $2,420 resistance zone in the near term. The next hurdle sits near the $2,465 level.<\/p>\n

More Losses In ETH?<\/h2>\n

If Ethereum fails to clear the $2,360 resistance, it could start another decline in the near term. Initial support on the downside is near $2,265. The first major support sits near the $2,250 zone.<\/p>\n

A clear move below the $2,250 support might push the price toward $2,200. Any more losses might send the price toward the $2,150 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 below the 50 zone.<\/p>\n

Major Support Level \u2013 $2,250<\/p>\n

Major Resistance Level \u2013 $2,300<\/p>","protected":false},"excerpt":{"rendered":"

Ethereum price gained bearish momentum and traded below $2,350. ETH is consolidating losses and might struggle to recover above $2,350. Ethereum started another decline below $2,350 and $2,320. The price is trading below $2,310 and the 100-hourly Simple Moving Average. There is a major bearish trend line forming with resistance at $2,360 on the hourly […]<\/p>\n","protected":false},"author":0,"featured_media":7223,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-7222","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\/7222"}],"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=7222"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/7222\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/7223"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7222"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7222"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7222"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}