The price of Ethereum has continued its upward trajectory, surpassing the $2,320 resistance zone. Despite a correction in gains, the 100-hourly Simple Moving Average (SMA) appears poised to provide support, potentially triggering a fresh rally.
Ethereum’s recovery trend saw it break above the $2,320 resistance, maintaining its position above $2,300 alongside trading above the 100-hourly SMA. However, a recent development includes a dip below a significant bullish trend line with support at $2,325 on the hourly chart of ETH/USD, sourced from Kraken.
Although Ethereum has retraced below the $2,350 level, the price remains above $2,300 and the 100-hourly SMA. On the upside, immediate resistance lies near the $2,325 level, followed by a major hurdle at $2,350. Surpassing this level could pave the way for a test of the $2,400 resistance, with further bullish momentum potentially targeting $2,450. A decisive move beyond $2,450 might propel the price towards the $2,550 mark.
Conversely, failure to breach the $2,325 resistance could lead to further downside movement. Initial support is anticipated near the $2,300 level, aligned with the 100-hourly SMA. Further downside might find support near the $2,295 zone or the 61.8% Fib retracement level of the recent upward swing from the $2,235 swing low to the $2,390 high. However, a daily close below $2,295 could initiate a sustained downtrend, potentially testing the $2,200 support level and, if breached, targeting $2,120.
Technical indicators depict a bearish trend gaining momentum, with the hourly Moving Average Convergence Divergence (MACD) dipping into bearish territory and the hourly Relative Strength Index (RSI) now below the 50 level.
In conclusion, Ethereum’s price trajectory hinges on its ability to maintain above the critical $2,300 support level and the 100-hourly SMA. A breach of resistance levels could lead to further gains, while failure to hold support might trigger a more pronounced correction. Traders are advised to conduct thorough research and exercise caution when making investment decisions, as cryptocurrency markets inherently carry risks.
[Disclaimer: The article is provided for educational purposes only and does not constitute financial advice. Readers are encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions.]
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