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Wednesday, February 21, 2024

Ethereum Price At Make-Or-Break Moment, Decoding Key Hurdles To More Gains

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Ethereum price is recovering losses above $2,220. ETH could gain bullish momentum if there is a clear move above the $2,285 resistance zone.

  • Ethereum started a fresh increase above the $2,180 and $2,200 levels.
  • The price is trading above $2,220 and the 100-hourly Simple Moving Average.
  • There was a break above a major declining channel with resistance near $2,215 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a strong increase if there is a close above $2,285 and $2,300.

Ethereum Price Regains Strength

Ethereum price remained supported above the $2,100 zone. ETH formed a base and was able to start a recovery wave above the $2,150 resistance zone, like Bitcoin.

There was a decent increase above the $2,180 resistance zone. Besides, there was a break above a major declining channel with resistance near $2,215 on the hourly chart of ETH/USD. The pair cleared the 61.8% Fib retracement level of the downward move from the $2,378 swing high to the $1,980 low.

Ethereum is now trading above $2,220 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $2,285 level. It is close to the 76.4% Fib retracement level of the downward move from the $2,378 swing high to the $1,980 low.

Ethereum Price

Source: ETHUSD on TradingView.com

The next key resistance is near the $2,350 level. The main resistance is now near $2,400. A clear move above the $2,400 zone could send the price toward the $2,500 level. The next resistance sits at $2,580. Any more gains could start a wave toward the $2,640 level.

Another Decline in ETH?

If Ethereum fails to clear the $2,285 resistance, it could start a fresh decline. Initial support on the downside is near the $2,230 level or the 100-hourly Simple Moving Average.

The next key support is $2,180. The main support is now near $2,120. A downside break below $2,120 might start another major decline. In the stated case, Ether could revisit the $2,000 support. Any more losses might call for a test of the $1,880 support zone in the near term.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now above the 50 level.

Major Support Level – $2,230

Major Resistance Level – $2,285

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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