Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Ethereum Price Faces Key Hurdles: Can It Break Through?

Ethereum Price Faces Key Hurdles: Can It Break Through?

NewsbtcNewsbtc2024/10/24 04:42
By:Aayush Jindal

Ethereum price extended losses and tested the $2,450 support zone. ETH is recovering losses and faces many hurdles near the $2,550 level.

  • Ethereum started a downside correction below the $2,550 support.
  • The price is trading below $2,550 and the 100-hourly Simple Moving Average.
  • There is a key bearish trend line forming with resistance at $2,560 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a fresh increase if it clears the $2,550 and $2,600 resistance levels.

Ethereum Price Starts Recovery

Ethereum price extended its decline below the $2,600 level like Bitcoin . ETH traded below the $2,550 and $2,500 support levels to enter a short-term bearish zone.

The price traded as low as $2,445 and is currently correcting losses. There was a minor increase above the $2,500 level. The price traded above the 23.6% Fib retracement level of the downward move from the $2,758 swing high to the $2,445 low.

Ethereum price is now trading below $2,550 and the 100-hourly Simple Moving Average . On the upside, the price seems to be facing hurdles near the $2,550 level. There is also a key bearish trend line forming with resistance at $2,560 on the hourly chart of ETH/USD.

The first major resistance is near the $2,600 level. It is close to the 50% Fib retracement level of the downward move from the $2,758 swing high to the $2,445 low.

Source: ETHUSD on TradingView.com

A clear move above the $2,600 resistance might send the price toward the $2,650 resistance. An upside break above the $2,650 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,700 resistance zone in the near term. The next hurdle sits near the $2,720 level or $2,750.

Another Decline In ETH?

If Ethereum fails to clear the $2,550 resistance, it could start another decline. Initial support on the downside is near the $2,520 level. The first major support sits near the $2,500 zone.

A clear move below the $2,500 support might push the price toward $2,450. Any more losses might send the price toward the $2,450 support level in the near term. The next key support sits at $2,420.

Technical Indicators

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

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

Major Support Level – $2,450

Major Resistance Level – $2,550

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Join Bitget x Just a chill guy Community Campaign Now to Win Your Share of $10,000 CHILLGUY!

Bitget announced that CHILLGUY/USDT is listing on Bitget! In order to show our warm welcome, we have set aside a reward pool of $10,000 for our special new joins during this period. Participate in the event and join Bitget now to receive your exclusive token airdrop. So, what are you waiting for? J

Bitget Announcement2024/11/27 10:00

XRPPERP now launched for USDC-M futures trading

Bitget has launched XRPPERP for futures trading with a maximum leverage of 75 on November 27, 2024 (UTC+8). Welcome to try futures trading via our official website (www.bitget.com) or Bitget APP. XRPUSDC-M perpetual futures: Parameters Details Listing time November 27, 2024 16:40 (UTC+8) Underlying

Bitget Announcement2024/11/27 08:44

Bitcoin (BTC) Surges to New Heights Amidst Robust Capital Inflows

Bitcoin's price hits an all-time high of $93k, driven by $62.9 billion capital inflows, with ETFs playing a critical role in stabilizing the market.

Blockchainnews2024/11/27 08:43