9.1 C
New York
Monday, March 4, 2024

Buy now

Ethereum Recovery Runs Into Resistance, Why Dips Could be Limited

Ethereum found a strong support near the $2,300 zone against the US Dollar. ETH price is rising and might rally if it clears the $2,750 resistance zone.

Ethereum started a major recovery wave from the $2,300 support zone.
The price is now trading above $2,500 and the 100 hourly simple moving average.
There is a key bullish trend line forming with support near $2,520 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to rise if there is a clear move above the $2,750 resistance zone.

Ethereum Price Starts Fresh Increase
Ethereum declined heavily below the $2,600 and $2,500 support levels. ETH even declined below $2,400 and tested the $2,300 zone, where the bulls appeared.
A low was formed near $2,302 and the price started a strong increase. There was a clear move above the $2,500 resistance level. Ether price even climbed above the $2,600 level and the 100 hourly simple moving average. It even spiked above the $2,700 level, but there was no break above the $2,750 resistance.
A high is formed near $2,733 and the price is now consolidating gains. It corrected lower below the 23.6% Fib retracement level of the recent increase from the $2,302 swing low to $2,733 high.
However, it is trading above $2,500 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $2,520 on the hourly chart of ETH/USD. The first major resistance is seen near the $2,680 and $2,700 levels.

Source: ETHUSD on TradingView.com
The main resistance is now forming near the $2,750 level. A clear move above the $2,750 might start a steady increase. In the stated case, the price might even rise towards the $2,920 level.
Fresh Decline in ETH?
If ethereum fails to continue higher above the $2,750 resistance, it could start a downside correction. An initial support on the downside is near the $2,600 level.
The next major support is near the $2,500 level and the trend line. It is near the 50% Fib retracement level of the recent increase from the $2,302 swing low to $2,733 high. A downside break below the $2,500 support could push the price towards the $2,400 support level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now losing pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is still above the 50 level.
Major Support Level – $2,500
Major Resistance Level – $2,750

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.

Latest Articles

bitcoin
Bitcoin (BTC) $ 66,326.77
ethereum
Ethereum (ETH) $ 3,541.87
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 418.61
solana
Solana (SOL) $ 132.12
xrp
XRP (XRP) $ 0.658813
staked-ether
Lido Staked Ether (STETH) $ 3,535.85
usd-coin
USDC (USDC) $ 1.00
cardano
Cardano (ADA) $ 0.786493
dogecoin
Dogecoin (DOGE) $ 0.168056
avalanche-2
Avalanche (AVAX) $ 43.78
shiba-inu
Shiba Inu (SHIB) $ 0.000027
polkadot
Polkadot (DOT) $ 10.12
tron
TRON (TRX) $ 0.140804
chainlink
Chainlink (LINK) $ 20.67
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 66,149.72
matic-network
Polygon (MATIC) $ 1.11
uniswap
Uniswap (UNI) $ 12.77
the-open-network
Toncoin (TON) $ 2.73
bitcoin-cash
Bitcoin Cash (BCH) $ 450.45
litecoin
Litecoin (LTC) $ 90.24
internet-computer
Internet Computer (ICP) $ 13.16
filecoin
Filecoin (FIL) $ 9.97
dai
Dai (DAI) $ 1.00
ethereum-classic
Ethereum Classic (ETC) $ 34.36
cosmos
Cosmos Hub (ATOM) $ 12.48
near
NEAR Protocol (NEAR) $ 4.50
immutable-x
Immutable (IMX) $ 3.25
leo-token
LEO Token (LEO) $ 4.85
aptos
Aptos (APT) $ 12.04
blockstack
Stacks (STX) $ 3.07
stellar
Stellar (XLM) $ 0.147805
bittensor
Bittensor (TAO) $ 638.11
hedera-hashgraph
Hedera (HBAR) $ 0.117786
optimism
Optimism (OP) $ 3.89
crypto-com-chain
Cronos (CRO) $ 0.146214
kaspa
Kaspa (KAS) $ 0.162951
vechain
VeChain (VET) $ 0.050517
injective-protocol
Injective (INJ) $ 39.47
okb
OKB (OKB) $ 57.44
first-digital-usd
First Digital USD (FDUSD) $ 0.999643
pepe
Pepe (PEPE) $ 0.000007
the-graph
The Graph (GRT) $ 0.312069
lido-dao
Lido DAO (LDO) $ 3.26
mantle
Mantle (MNT) $ 0.893701
render-token
Render (RNDR) $ 7.36
celestia
Celestia (TIA) $ 15.74
monero
Monero (XMR) $ 146.34
arbitrum
Arbitrum (ARB) $ 2.00
bonk
Bonk (BONK) $ 0.000038