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Home»EXCHANGE NEWS»Ethereum Price Shows Recovery, But Lacks Bullish Punch
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Ethereum Price Shows Recovery, But Lacks Bullish Punch

By Crypto FlexsAugust 31, 20243 Mins Read
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Ethereum Price Shows Recovery, But Lacks Bullish Punch
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This article is also available in Spanish.

Ethereum price has started a recovery wave in the $2,400 zone. ETH is currently struggling to gain speed to move above the $2,600 resistance zone.

  • Ethereum recovered above $2,500 and $2,550.
  • The price is trading below $2,550 and the 100 hourly simple moving average.
  • A major downtrend line has broken, forming resistance at $2,550 on the ETH/USD hourly chart based on data provided by Kraken.
  • To start another uptrend in the short term, the pair needs to stay above $2,485.

Ethereum Price Recovery Attempts

Ethereum price remained stable above $2,400 and attempted a recovery wave like Bitcoin. The price was able to break above the resistance levels of $2,480 and $2,500.

There was a move above the 23.6% Fibonacci correction level of the downtrend from the $2,792 swing high to the $2,395 low. The price broke above the $2,550 resistance level. There was a break above the major downtrend line with resistance at $2,550 on the hourly chart of ETH/USD.

However, the bears were active near the $2,600 resistance level. They protected the 50% Fibonacci correction level of the downtrend from the $2,792 swing high to the $2,395 low.

Ethereum price is currently trading below $2,580 and the 100-hour SMA. In terms of uptrend, the price seems to be facing obstacles near the $2,550 level and the 100-hour SMA. The first major resistance level is near the $2,600 level. A close above the $2,600 level could see Ether move towards the $2,660 resistance level.

Source: ETHUSD on TradingView.com

The next major resistance is near $2,720. A break above the $2,720 resistance could push the price higher towards the $2,820 resistance in the short term.

Will ETH fall again?

If Ethereum fails to break above the $2,600 resistance, it could start another downtrend. The initial support level for the downtrend is near $2,500. The first major support level is near the $2,485 area.

A clear move below the $2,485 support level could see the price rise to $2,420, where a bullish move could emerge. If there is further loss, the price could move to the $2,320 support level in the short term. The next major support level is $2,250.

Technical indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is currently below the 50 zone.

Key Support Level – $2,485

Key Resistance Level – $2,600

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