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Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
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Categories:

Hot right now:

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Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Ethereum Price Recovery Stalls at Resistance: Can Bulls Break Through?

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Ethereum price started a recovery wave above the $2,500 zone. ETH is up nearly 10% and now faces a major resistance near $2,920.

  • Ethereum started a decent upward move above the $2,500 support zone.
  • The price is trading below $2,900 and the 100-hourly Simple Moving Average.
  • There is a key bearish trend line forming with resistance at $2,920 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a fresh decline if it stays below the $2,920 level.

Ethereum Price Attempts Recovery

Ethereum price started a major decline below the $2,800 level, underperforming Bitcoin. ETH declined below the $2,650 and $2,500 levels to enter a bearish zone.

There was a clear move below the $2,200 level. The price declined over 25% and tested the $2,120 zone. A low was formed at $2,127 and the price recently started a fresh upward move. There was an increase above the $2,500 level.

The price surpassed the 50% Fib retracement level of the downward move from the $3,403 wing high to the $2,127 swing low. However, the bears are now active near the $2,900 zone. There is also a key bearish trend line forming with resistance at $2,920 on the hourly chart of ETH/USD.

Ethereum price is now trading below $2,900 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,900 level. The first major resistance is near the $2,920 level and the trend line or the 61.8% Fib retracement level of the downward move from the $3,403 wing high to the $2,127 swing low.

Ethereum Price

The main resistance is now forming near $3,000. A clear move above the $3,000 resistance might send the price toward the $3,120 resistance. An upside break above the $3,120 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,250 resistance zone or even $3,320 in the near term.

Another Drop In ETH?

If Ethereum fails to clear the $2,900 resistance, it could start another decline. Initial support on the downside is near the $2,765 level. The first major support sits near the $2,650.

A clear move below the $2,650 support might push the price toward the $2,500 support. Any more losses might send the price toward the $2,420 support level in the near term. The next key support sits at $2,350.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now above the 50 zone.

Major Support Level – $2,765

Major Resistance Level – $2,920

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