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Home»EXCHANGE NEWS»The next move for Ethereum price will depend on clearing this critical hurdle
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The next move for Ethereum price will depend on clearing this critical hurdle

By Crypto FlexsOctober 4, 20242 Mins Read
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The next move for Ethereum price will depend on clearing this critical hurdle
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This article is also available in Spanish.

Ethereum price continued its downward trend below the $2,350 level. ETH is currently recovering from losses and faces a major hurdle near $2,300.

  • Ethereum fell further, trading below $2,350.
  • The price is trading below $2,400 and the 100-hour simple moving average.
  • The hourly chart of ETH/USD (data feed via Kraken) shows a major bearish trendline forming at resistance $2,400.
  • The pair would need to clear the $2,400 and $2,420 resistance levels to initiate a significant near-term rally.

Ethereum price eye recovery

Ethereum price remained in bearish territory and losses extended below the $2,400 level. ETH traded below the $2,350 support level to move further out of bearish territory like Bitcoin.

The price surged below the $2,320 support level. A low was formed near $2,311 and the price is currently consolidating losses. There was a slight increase above the $2,350 level. The price is still below the 23.6% Fib retracement level of the bearish wave from the $2,655 swing high to the $2,311 low.

Ethereum price is currently trading below $2,400 and the 100-hour simple moving average. On the other hand, the price appears to be facing a hurdle near the $2,400 level. Additionally, on the hourly chart of ETH/USD, there is a major bearish trendline forming resistance at $2,400.

A clear break above the trendline resistance could lead the price towards the $2,480 resistance level. The $2,655 swing high to $2,311 low is close to the 50% Fib retracement level of the bearish wave.

Source: ETHUSD on TradingView.com

An uptick above the $2,480 resistance could lead to further gains in the coming sessions. If indicated, Ethereum may rise towards the $2,550 resistance area in the near term. The next hurdle is near $2,650 or $2,665.

Another drop in ETH?

If Ethereum fails to clear the $2,400 resistance, it could begin another downtrend. Initial support for the downside is near the $2,350 level. The first major support is near the $2,300 area.

A clear break below the $2,300 support could push the price towards $2,220. More losses could push the price towards the $2,120 support level in the near term. The next major support level is $2,050.

technical indicators

Hourly MACD – ETH/USD MACD is losing momentum in bearish territory.

RSI per hour – The RSI for ETH/USD is now below the 50 area.

Key Support Level – $2,300

Key Resistance Level – $2,400

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