CandleFocus

Ethereum Price Retests $2,350: Is a Bounce In The Cards?

Author: Content Editor
The price of Ethereum (ETH) has experienced losses and has tested the $2,350 support level. It is currently consolidating and may attempt to surpass the $2,400 resistance level. However, ETH has been unable to start an upward movement above the $2,500 resistance zone. It remains in a bearish zone similar to Bitcoin and has traded below the $2,420 support level. The price has also fallen below the $2,400 level, breaking a short-term rising channel with support at $2,425. After testing the $2,350 support zone, the price is now rising. It has moved above the $2,350 and $2,360 levels, surpassing the 23.6% Fibonacci retracement level from the previous downward move. Currently, ETH is trading below the $2,425 level and the 100-hourly Simple Moving Average. It is facing obstacles near the $2,400 level and the 50% Fibonacci retracement level. To see further gains, a clear move above the $2,410 resistance level is needed. If this resistance is not surpassed, there may be another decline. The first major support level is near $2,365, followed by the $2,350 zone. A move below this support level could push the price towards $2,300, with further losses bringing it to the $2,250 support level. The technical indicators, including MACD and RSI, suggest bearish momentum.

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