Ethereum Price Struggles to Recover: Short-Term Outlook Weak

NewsBTC · 2024-09-16T19:28:55+00:00

Ethereum struggles to recover above $2,350 after a bearish decline below $2,350 and $2,320. The cryptocurrency is consolidating its losses and might face obstacles near the $2,300 level, while a clear decline below $2,250 may lead to a further decline.

NewsBTC

2024-09-16 19:28:55

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Ethereum price gained bearish momentum and traded below $2,350. ETH is consolidating losses and might struggle to recover above $2,350.

Ethereum started another decline below $2,350 and $2,320.
The price is trading below $2,310 and the 100-hourly Simple Moving Average.
There is a major bearish trend line forming with resistance at $2,360 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must clear the $2,360 resistance to start a recovery wave in the near term.

Ethereum Price Starts Consolidation

Ethereum price failed to clear the $2,450 resistance and started another decline like Bitcoin. ETH traded below the $2,400 and $2,350 support levels to enter a bearish zone.

The price even dived below the $2,320 level. A low was formed at $2,253 and the price is now consolidating losses. There was a minor recovery wave above the $2,285 level. The price tested the 23.6% Fib retracement level of the downward wave from the $2,466 swing high to the $2,253 low.

Ethereum price is now trading below $2,310 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,300 level. There is also a declining channel forming with resistance at $2,300 on the hourly chart of ETH/USD.

The first major resistance is near the $2,340 level. The next key resistance is near $2,360 or the 50% Fib retracement level of the downward wave from the $2,466 swing high to the $2,253 low. There is also a major bearish trend line forming with resistance at $2,360 on the same chart.

Source: ETHUSD on TradingView.comAn upside break above the $2,360 resistance might call for more gains. In the stated case, Ether could rise toward the $2,420 resistance zone in the near term. The next hurdle sits near the $2,465 level.

More Losses In ETH?

If Ethereum fails to clear the $2,360 resistance, it could start another decline in the near term. Initial support on the downside is near $2,265. The first major support sits near the $2,250 zone.

A clear move below the $2,250 support might push the price toward $2,200. Any more losses might send the price toward the $2,150 support level in the near term. The next key support sits at $2,120.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 zone.

Major Support Level – $2,250

Major Resistance Level – $2,300

ETH1,46%

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