Ethereum Price Struggles to Sustain Gains: Is the Uptrend in Trouble?
August 14 2024 - 11:28PM
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Ethereum price struggled to clear the $2,750 resistance. ETH is now
consolidating near $2,635 and remains at risk of more downsides.
Ethereum started a fresh decline from the $2,750 resistance. The
price is trading below $2,700 and the 100-hourly Simple Moving
Average. There was a break below a key contracting triangle with
support at $2,695 on the hourly chart of ETH/USD (data feed via
Kraken). The pair could extend losses if it drops below the $2,635
support zone. Ethereum Price Slides Again Ethereum price started a
decent increase from the $2,650 support zone. ETH outperformed
Bitcoin and surpassed the $2,720 resistance zone. However, the
bears were active near the $2,750 zone. The recent swing high was
formed at $2,763 before the price corrected gains. There was a move
below the $2,720 and $2,700 levels. Besides, there was a break
below a key contracting triangle with support at $2,695 on the
hourly chart of ETH/USD. Ethereum price is now trading below $2,700
and the 100-hourly Simple Moving Average. A low is formed near
$2,635 and the price is now consolidating. If there is another
increase, the price might face hurdles near the $2,700 level. It is
close to the 50% Fib retracement level of the recent decline from
the $2,763 swing high to the $2,635 low. The first major resistance
is near the $2,735 level or the 76.4% Fib retracement level of the
recent decline from the $2,763 swing high to the $2,635 low. A
close above the $2,735 level might send Ether toward the $2,765
resistance. The next key resistance is near $2,800. An upside break
above the $2,800 resistance might send the price higher toward the
$2,880 resistance zone in the near term. More Losses In ETH? If
Ethereum fails to clear the $2,700 resistance, it could continue to
move down. Initial support on the downside is near $2,635. The
first major support sits near the $2,600 zone. A clear move below
the $2,600 support might push the price toward $2,550. Any more
losses might send the price toward the $2,520 support level in the
near term. The next key support sits at $2,440. Technical
Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in
the bullish zone. Hourly RSI – The RSI for ETH/USD is now below the
50 zone. Major Support Level – $2,635 Major Resistance Level –
$2,700
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