Ethereum (ETH) Price Analysis:
After a sharp decline, Ethereum price found support near the $2,400 level against the US Dollar. ETH price started a recovery wave and it climbed above the $2,500 resistance level.
BTC, DOGE, and ETH are trending hashtags on Twitter and other social media platforms as investors are closely watching the volatile market.
The price even spiked above the 23.6% Fib retracement level of the downward move from the $2,790 high to $2,400 low. However, the price failed to clear the $2,550 resistance zone.
ETH is currently consolidating above the $2,500 level and the 100 hourly simple moving average.
There is also a major bearish trend line forming with resistance near $2,500 on the hourly chart of ETH/USD. If there is an upside break above the trend line resistance and $2,550, the price could start a steady increase.
On the downside, an initial support is near the $2,500 level and the 100 hourly SMA.
The main support is now forming near the $2,450 level. It is close to the 50% Fib retracement level of the upward move from the $2,400 low to $2,550 high.
Ethereum is currently facing a major resistance near $2,550, above which the bulls may gain strength.
A successful close above the $2,550 level could open the doors for a larger increase. The next major resistance is near the $2,650 level, above which the price could test the $2,800 resistance zone.
Investors are advised to keep an eye on BTC, DOGE, and ETH prices as they are highly volatile and can make significant moves in the market.
On the downside, the $2,500 level and the 100 hourly SMA are important supports. If there is a downside break below the $2,500 support zone, the price could extend its decline.
Overall, Ethereum is showing positive signs above the $2,450 and $2,500 support levels.
As long as the bulls are able to defend the $2,450 support and the 100 hourly SMA, there are chances of a steady increase in the coming sessions.
Stay updated with the latest crypto news and prices by following #Ethereum and other trending hashtags on social media platforms.
Sentiment Result : Positive
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