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Ethereum’s Market Struggle: A Recent Analysis

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

At this stage, Ethereum started a downward spiral, surpassing the $2,420 and $2,400 levels. The price is now below $2,400 and the critical 100-hour Simple Moving Average. Noteworthy was the break above a connected declining trend line, offering a glimmer of hope for a potential comeback. This trend line, with resistance around $2,340, has become a significant 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 rally. The 50% Fib retracement level at $2,390 and the subsequent main resistance at $2,400 emerge as immediate challenges. Surpassing these barriers could propel ETH towards the $2,480 level, indicating a positive trajectory.
The journey for Ethereum doesn’t 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 the critical level of $2,300. A breach below $2,300 could trigger further downward movement, testing the $2,250 support. Additional losses could see ETH approaching the $2,200 level.
The hourly MACD for ETH/USD indicates a decreasing momentum in the bearish zone, pointing to 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 Struggle: A Recent Analysis

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