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Cryptocurrency News Articles
Ethereum Price Dives 5% as ETH Struggles to Recover Above the $2,550 Resistance
Oct 02, 2024 at 11:28 am
Ethereum price remained in a bearish zone and extended losses below the $2,600 level. ETH traded below the $2,550 support to enter a bearish zone
Ethereum price showed signs of recovery and moved above the $2,500 level. However, ETH is now facing hurdles near the $2,520 resistance.
Ethereum Price Analysis
After a sharp decline, Ethereum price found support and started a recovery wave from the $2,413 swing low. ETH price moved above the $2,450 and $2,480 resistance levels.
The hourly (UTC) chart of ETH/USD shows that the price climbed above the 23.6% Fib retracement level of the downward move from the $2,655 swing high to the $2,413 low. However, the 23.6% Fib retracement level of the recent decline from the $2,655 high to the $2,413 low is at $2,488. Therefore, the price might struggle to clear this Fib retracement and the $2,500 resistance.
On the upside, the first major resistance is near the $2,535 level or the 50% Fib retracement level of the downward move from the $2,655 swing high to the $2,413 low. The next key resistance is around $2,550.
An upside break above the $2,550 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,620 resistance zone in the near term. The next hurdle sits near the $2,650 level or $2,665.
More Losses In ETH?
If Ethereum fails to clear the $2,520 resistance, it could continue to move down. Initial support on the downside is close to the $2,440 level. The first major support sits near the $2,420 zone.
A clear move below the $2,420 support might push the price toward $2,350. 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.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $2,420
Major Resistance Level – $2,550
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