Ethereum Price Battles Resistance: Faces Steep Climb Ahead

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,243,247,580,987	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,243,247,580,987

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	700.14	1.12%	63,370.27	63,366.11	63,367.43

Price Change

Price Change %

Current Price

Bid Price

Offer

700.14

1.12%

63,370.27

63,366.11

63,367.43

High Price	Low Price	Open Price	Prev. Close	52 Week Range
63,752.35	62,475.67	62,675.07	62,670.13	24,900.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

63,752.35

62,475.67

62,675.07

62,670.13

24,900.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	06:59:05	0.000770	63,370.27	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

06:59:05

0.000770

63,370.27

USD

Price x Volume	Volume	Base Symbol	Related Pairs
264,489,476.89	4,177.17	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

264,489,476.89

4,177.17

Ethereum Price Battles Resistance: Faces Steep Climb Ahead

10/06/2024 5:48am

NEWSBTC

Ethereum price declined heavily and tested the $3,580 support zone. ETH is now recovering and faces many hurdles near the $3,740 zone. Ethereum started a recovery wave and climbed above the $3,660 resistance. The price is trading below $3,750 and the 100-hourly Simple Moving Average. There is a key bearish trend line forming with resistance near $3,740 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh upward move unless there is a close below the $3,640 support. Ethereum Price Faces Resistance Ethereum price extended its decline below the $3,660 support zone. ETH even declined below $3,600 before the bulls appeared. A low was formed near $3,574 and the price is now correcting losses, like Bitcoin. There was a move above the $3,650 and $3,660 levels. The price climbed above the 50% Fib retracement level of the downward move from the $3,838 swing high to the $3,574 low. However, there was no close above the $3,700 level. Ethereum is now trading below $3,740 and the 100-hourly Simple Moving Average. If there is another increase, ETH might face resistance near the $3,700 level. The first major resistance is near the $3,740 level. There is also a key bearish trend line forming with resistance near $3,740 on the hourly chart of ETH/USD. The trend line is close to the 61.8% Fib retracement level of the downward move from the $3,838 swing high to the $3,574 low. An upside break above the $3,740 resistance might send the price higher. The next key resistance sits at $3,800, above which the price might gain traction and rise toward the $3,840 level. If the bulls push Ether above the $3,840 level, the price might rise and test the $4,000 resistance. Any more gains could send Ether toward the $4,080 resistance zone. Another Decline In ETH? If Ethereum fails to clear the $3,740 resistance, it could continue to move down. Initial support on the downside is near $3,660. The next major support is near the $3,640 zone. The main support sits at $3,580. A clear move below the $3,580 support might push the price toward $3,500. Any more losses might send the price toward the $3,450 level in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 zone. Major Support Level – $3,640 Major Resistance Level – $3,740

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