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Ethereum’s Market Movement: A Detailed Analysis

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You can also read this news on COINTURK NEWS: Ethereum’s Market Movement: A Detailed Analysis
The recent bitcoin downturn in the crypto market continues to be a topic of discussion. This decline, which was felt more in altcoins, caused Ethereum to experience a 3% drop. Ethereum (ETH) faces a volatile trajectory while testing significant support levels and grappling with potential recovery waves.
Ethereum’s Recent Performance: A Brief Look
Ethereum’s price recently faced challenges as it increased its losses, reaching the $2,300 support threshold. However, ETH is currently trying to initiate a recovery wave beyond the $2,340 level, considering a potential test at $2,390.

At this stage, Ethereum initiated a downward spiral, surpassing the $2,420 and $2,400 levels. The price is currently below $2,400 and the critical 100-hour Simple Moving Average. Notably, a break above a connected declining trend line offered a glimmer of hope for a potential return. This trend line, with resistance around $2,340, has become a very important focal point.
Upward Possibilities
Ethereum’s battle for recovery includes overcoming barriers at $2,390 and $2,400. A breakthrough beyond these levels could set the stage for a significant rise. The 50% Fib retracement level at $2,390 and the subsequent main resistance at $2,400 emerge as immediate challenges. Overcoming these barriers could push ETH towards the $2,480 level, indicating a positive trajectory.
The journey for Ethereum does not end here. A close above the $2,500 resistance level could open the doors for another steady increase. If the bulls continue, Ethereum could target the $2,650 region, signaling a more robust recovery.
Downward Risks
If Ethereum encounters obstacles at the $2,390 resistance, a potential decline could emerge. The first support is at $2,320 followed by a critical level at $2,300. A breach below $2,300 could trigger further downward movement by testing the $2,250 support. Additional losses could see ETH approaching the $2,200 level.
The hourly MACD for ETH/USD indicates decreasing momentum in the bearish zone, signaling cautious market sentiment. At the same time, the hourly RSI for ETH/USD is currently below the 50 level, emphasizing the need for caution when assessing potential market changes. The key levels to watch are the support level at $2,300 and the resistance level at $2,390.
The post first appeared on COINTURK NEWS: Ethereum’s Market Movement: A Detailed Analysis

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