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Ethereum Is Recovering The Losses Above $2400: Price Analysis

Ethereum is recovering the losses above $2400 against the US dollar and the price is rising but it has to clear some resistances for a steady increase as we can see further in today’s latest Ethereum news.

Ethereum is moving slowly above $2550 resistance levels and the price is trading below $2500 with the 100 hourly simple moving average. There was a move above the major bearish trend line with the resistance near this level on the hourly charts of the pair. The pair could increase again if there’s a clear move above $2550 resistance. Etheruem found support near $2150 and started a new recovery wave with the coin being able to climb above $2250 and $2350 resistance levels.

ethusd
Source ETHUSD on TradingView.com

There was another move above 23.6% fib retracement level from the recent decline of $2547 swing high to $2160 low. There was a move above the major bearish trend line with the resistance close to $2500 on the hourly chart of the pair. The pair is still trading below $2500 and the 100 hourly simple moving average with an immediate resistance on the upside nearing $2500 level. The first major resistance is close to the $2550 level and a move above this level could start a new increase. The pair could rise towards the $2720 level and it is near the 50% fib retracement level from the decline of the $2547 high to $2160 low.

crypto market
Cryptocurrency Market Overview. Source Quantify Crypto

If there’s an upside break above $2720 resistance, the price could gain a strong bullish momentum and the next major resistance will be set at $2850 level with more gains sending the coin to $3000. if Ethereum fails to start a new recovery wave above the $2500 level it could start a new decline and the initial support will be set at $2420 level. Ethereum is recovering and its first key support is forming near the $2320 level. The downside break below the $2320 level could start a new decline and the next major support for the bulls could be set at the $2200 zone. More losses could push the price towards the $2150 level and the MACD for the pair is losing pace in the bullish zone with the hourly RSI is now above the 50 levels. The major support level is set at $2320 and the major resistnace is set at $2550.

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Author: Stefan