{"id":9508,"date":"2024-09-26T03:28:57","date_gmt":"2024-09-26T03:28:57","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=9508"},"modified":"2024-09-26T03:28:57","modified_gmt":"2024-09-26T03:28:57","slug":"ethereum-price-set-to-rise-again-but-will-this-level-hold","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=9508","title":{"rendered":"Ethereum Price Set to Rise Again, But Will This Level Hold?"},"content":{"rendered":"

Ethereum price started a downside correction from the $2,700 resistance. ETH is now above the $2,550 support and might aim for more gains.<\/em><\/p>\n

Ethereum is aiming for a fresh increase from the $2,550 support.
\nThe price is trading below $2,620 and the 100-hourly Simple Moving Average.
\nThere is a connecting bearish trend line forming with resistance at $2,620 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair must stay above the $2,550 support to start a fresh increase in the near term.<\/p>\n

Ethereum Price Sees Downside Correction<\/h2>\n

Ethereum price struggled to clear the $2,700 resistance zone. ETH formed a high near $2,700 and started a downside correction like Bitcoin<\/a>. There was a drop below the $2,620 level.<\/p>\n

The price even declined below the $2,600 level and tested $2,550<\/a>. A low was formed at $2,554 and the price is now attempting a fresh increase. It climbed above the $2,580 level. Ether cleared the 23.6% Fib retracement level of the downward move from the $2,701 swing high to the $2,554 low.<\/p>\n

Ethereum price is now trading below $2,620 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,600 level. The first major resistance is near the $2,620 level.<\/p>\n

There is also a connecting bearish trend line forming with resistance at $2,620 on the hourly chart of ETH\/USD. The trend line is close to the 50% Fib retracement level of the downward move from the $2,701 swing high to the $2,554 low.<\/p>\n

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

The next key resistance is near $2,645. An upside break above the $2,645 resistance might call for more gains. In the stated case, Ether could rise toward the $2,700 resistance zone in the near term. The next hurdle sits near the $2,720 level or $2,800.<\/p>\n

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

If Ethereum fails to clear the $2,620 resistance, it could start another decline. Initial support on the downside is near the $2,550 level. The first major support sits near the $2,525 zone.<\/p>\n

A clear move below the $2,525 support might push the price toward $2,450. Any more losses might send the price toward the $2,400 support level in the near term. The next key support sits at $2,320.<\/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 below the 50 zone.<\/p>\n

Major Support Level \u2013 $2,550<\/p>\n

Major Resistance Level \u2013 $2,620<\/p>","protected":false},"excerpt":{"rendered":"

Ethereum price started a downside correction from the $2,700 resistance. ETH is now above the $2,550 support and might aim for more gains. Ethereum is aiming for a fresh increase from the $2,550 support. The price is trading below $2,620 and the 100-hourly Simple Moving Average. There is a connecting bearish trend line forming with […]<\/p>\n","protected":false},"author":0,"featured_media":9509,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-9508","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\/9508"}],"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=9508"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/9508\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/9509"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9508"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9508"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9508"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}