- Ethereum’s price is correcting below the $2,350 level, facing resistance near $2,300.
- The potential for a fresh increase exists if Ethereum closes above the $2,350 resistance, possibly targeting the $2,400 and $2,440 levels.
- Failure to surpass the $2,300 resistance might lead Ethereum to further downward movement.
Ethereum (ETH) has witnessed a corrective phase, slipping below the crucial $2,350 level against the US dollar. The cryptocurrency encountered hurdles near $2,300, marked by the emergence of a notable bearish trend line on its hourly chart.
At present, Ethereum trades below $2,320 and the 100-hourly Simple Moving Average, indicating a short-term bearish sentiment. The failure to breach the resistance at $2,300 has intensified the selling pressure, resulting in a consolidation phase after dipping to approximately $2,258.
Analysts and traders are closely monitoring ETH’s movement, speculating that a potential bullish reversal might ensue if Ethereum manages to secure a decisive close above the $2,350 resistance zone. Such a move could pave the way for an upward trajectory, with immediate targets lying at $2,400 and $2,440 levels.
Conversely, a sustained inability to surpass the $2,300 resistance might catalyze further downward momentum for Ethereum. Initial support is anticipated near $2,250, but the critical support level rests at $2,240. Should the price breach this crucial level, Ethereum could experience intensified selling pressure, possibly testing the $2,200 mark.
Read CRYPTONEWSLAND on
google news
Technical indicators corroborate this cautious outlook, with the hourly MACD indicating a loss in bearish momentum for ETH/USD. Similarly, the hourly Relative Strength Index (RSI) stands below the 50 level, underscoring the prevailing bearish sentiment among traders and investors.
Read also:
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
