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Home Market & Analysis

Ethereum Price Struggles to Recover: Short-Term Outlook Weak

n70products by n70products
September 17, 2024
in Market & Analysis
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Ethereum Price Struggles to Recover: Short-Term Outlook Weak
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Ethereum worth gained bearish momentum and traded beneath $2,350. ETH is consolidating losses and would possibly battle to get well above $2,350.

  • Ethereum began one other decline beneath $2,350 and $2,320.
  • The worth is buying and selling beneath $2,310 and the 100-hourly Easy Transferring Common.
  • There’s a main bearish pattern line forming with resistance at $2,360 on the hourly chart of ETH/USD (knowledge feed through Kraken).
  • The pair should clear the $2,360 resistance to begin a restoration wave within the close to time period.

Ethereum Worth Begins Consolidation

Ethereum worth did not clear the $2,450 resistance and began one other decline like Bitcoin. ETH traded beneath the $2,400 and $2,350 assist ranges to enter a bearish zone.

The worth even dived beneath the $2,320 stage. A low was fashioned at $2,253 and the value is now consolidating losses. There was a minor restoration wave above the $2,285 stage. The worth examined the 23.6% Fib retracement stage of the downward wave from the $2,466 swing excessive to the $2,253 low.

Ethereum worth is now buying and selling beneath $2,310 and the 100-hourly Easy Transferring Common. On the upside, the value appears to be going through hurdles close to the $2,300 stage. There’s additionally a declining channel forming with resistance at $2,300 on the hourly chart of ETH/USD.

The primary main resistance is close to the $2,340 stage. The following key resistance is close to $2,360 or the 50% Fib retracement stage of the downward wave from the $2,466 swing excessive to the $2,253 low. There’s additionally a significant bearish pattern line forming with resistance at $2,360 on the identical chart.

Ethereum Price
Supply: ETHUSD on TradingView.com

An upside break above the $2,360 resistance would possibly name for extra positive factors. Within the said case, Ether might rise towards the $2,420 resistance zone within the close to time period. The following hurdle sits close to the $2,465 stage.

Extra Losses In ETH?

If Ethereum fails to clear the $2,360 resistance, it might begin one other decline within the close to time period. Preliminary assist on the draw back is close to $2,265. The primary main assist sits close to the $2,250 zone.

A transparent transfer beneath the $2,250 assist would possibly push the value towards $2,200. Any extra losses would possibly ship the value towards the $2,150 assist stage within the close to time period. The following key assist sits at $2,120.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is shedding momentum within the bearish zone.

Hourly RSI – The RSI for ETH/USD is now beneath the 50 zone.

Main Help Stage – $2,250

Main Resistance Stage – $2,300



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Tags: EthereumOutlookPriceRecoverShortTermStrugglesWeak
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