CandleFocus Ethereum Price Recovery May Stall Near 100-SMA: Is a Drop Coming?
2024-09-09
Author: Content Editor
The Ethereum price is attempting to recover and rise above $2,280, but it needs to surpass the $2,360 resistance level to continue its upward trend. Previously, Ethereum failed to clear the $2,450 resistance zone, causing a decline below $2,320. However, it found support around $2,150 and is now making a recovery. Ethereum has broken a bearish trend line and climbed above the $2,220 and $2,280 resistance levels. It is currently trading below $2,320 and the 100-hourly Simple Moving Average. On the upside, the price faces resistance at $2,320 and $2,360. If it fails to clear these levels, another decline may occur with initial support at $2,250 and major support at $2,180. The next key support sits at $2,000. The MACD indicator is showing bearish momentum, while the RSI indicator is above the 50 zone.
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