Gate News bot news, NewsBTC reports that the Ethereum price found support around $2440 and has started a recovery wave like Bitcoin. The ETH price has risen above the resistance levels of $2500 and $2550. The price even broke through the resistance level of $2620. The price broke through the 23.6% Fibonacci retracement level of the downward trend from the fluctuation high of $2880 to the low of $2440. However, short positions remain active near the resistance level of $2660.
Short positions defended the 50% Fibonacci retracement level from the fluctuation high of $2880 to the low of $2440. The price has fallen below $2600 again. The price of Ether is currently below $2575 and the 100-hour simple moving average.
In addition, on the ETH/USD hourly chart, a bullish trend line is forming, with a support level at $2525. On the upside, the price may face resistance around $2620. The next key resistance level is around $2640. The first major resistance level is around $2660.
If it can significantly break through the resistance level of $2660, it may push the price down to the resistance level of $2720. If it can break through the resistance level of $2720, it may welcome more upward movement in the coming trading days. In this case, Ether may rise to the resistance level of $2800 in the short term, or even $2880.
If Ethereum fails to break through the resistance level of $2,660, it could start a new decline. Initial support in the downside direction is near the $2,540 level. The first major support is located near the $2,525 area and trend line.
If the price clearly falls below the support level of 2525 USD, it may rise to the support level of 2500 USD. If the price drops further, it may fall towards the support level of 2440 USD in the short term. The next key support level is at 2350 USD.
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Ethereum (ETH) has seen a reduction in its rise, showing a weak trend, follow the key support level.
Gate News bot news, NewsBTC reports that the Ethereum price found support around $2440 and has started a recovery wave like Bitcoin. The ETH price has risen above the resistance levels of $2500 and $2550. The price even broke through the resistance level of $2620. The price broke through the 23.6% Fibonacci retracement level of the downward trend from the fluctuation high of $2880 to the low of $2440. However, short positions remain active near the resistance level of $2660.
Short positions defended the 50% Fibonacci retracement level from the fluctuation high of $2880 to the low of $2440. The price has fallen below $2600 again. The price of Ether is currently below $2575 and the 100-hour simple moving average.
In addition, on the ETH/USD hourly chart, a bullish trend line is forming, with a support level at $2525. On the upside, the price may face resistance around $2620. The next key resistance level is around $2640. The first major resistance level is around $2660.
If it can significantly break through the resistance level of $2660, it may push the price down to the resistance level of $2720. If it can break through the resistance level of $2720, it may welcome more upward movement in the coming trading days. In this case, Ether may rise to the resistance level of $2800 in the short term, or even $2880.
If Ethereum fails to break through the resistance level of $2,660, it could start a new decline. Initial support in the downside direction is near the $2,540 level. The first major support is located near the $2,525 area and trend line.
If the price clearly falls below the support level of 2525 USD, it may rise to the support level of 2500 USD. If the price drops further, it may fall towards the support level of 2440 USD in the short term. The next key support level is at 2350 USD.
(Source: NewsBTC)