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Wednesday, February 21, 2024

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Ethereum Consolidates, What Could Trigger Strong Recovery in ETH

Ethereum restarted its decline after it failed to stay above $2,000 against the US Dollar. ETH price is holding the $1,880 support, but it must clear $2,000 for a decent increase.

Ethereum started a fresh decline and it once again tested the $1,880 support zone.
The price is still trading well below the $2,000 resistance and the 100 hourly simple moving average.
There is a major bearish trend line forming with resistance near $1,955 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a decent increase if it clears the $1,965 and $2,000 resistance levels.

Ethereum Price Settles Below $2K
After a failed attempt to settle above $2,000, ethereum extended its decline, similar to bitcoin. ETH price broke the $1,920 support and it settled well below the 100 hourly simple moving average.
However, the price stayed above the $1,880 support. A low was formed near $1,861 and the price recently started an upside correction. There was a break above the $1,920 and $1,925 resistance levels.
Ether climbed above the 23.6% Fib retracement level of the recent decline from the $2,043 swing high to $1,881 low. It is now facing resistance near the $1,950 zone. There is also a major bearish trend line forming with resistance near $1,955 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com
The trend line is close to the 50% Fib retracement level of the recent decline from the $2,043 swing high to $1,881 low. The next major resistance is near the $2,000 zone and the 100 hourly simple moving average.
If ether breaks the trend line and then settles above $2,050, there could be a steady increase. The next major resistance is near the $2,050 level.
Fresh Decline in ETH?
If Ethereum fails to recover above $1,955 and $2,050, it could continue to move down. An initial support on the downside is near the $1,920 level.
The first major support is near the $1,880 level. If ether fails to stay above the $1,880 support, it could decline towards the $1,865 support. Any more losses could set the pace for a drop towards the $1,750 support zone in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now back above the 50 level.
Major Support Level – $1,880
Major Resistance Level – $2,000

Christian Robinson
Christian Robinson
I’m a regular contributor to Forbes, CoinDesk, and Bitcoin Magazine, among others. My work focuses on providing analysis of the latest trends in the crypto industry, as well as offering insights into investment opportunities. I have a strong track record of identifying emerging technologies and assets that can achieve significant growth. As such, I believe that I am uniquely positioned to help investors navigate the ever-changing landscape of cryptocurrency.

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