Ethereum Price Battles to Bounce Back: Is a Recovery Coming?
2024-10-23

Ethereum price struggled to continue higher above the $2,750 resistance and corrected gains. ETH is now struggling to start a fresh increase above $2,650.
Ethereum Price Starts Consolidation
Ethereum price started a downside correction from the $2,750 resistance like Bitcoin. ETH traded below the $2,700 and $2,650 support levels to enter a short-term bearish zone.
The price traded as low as $2,605 and is currently consolidating losses. There was a minor increase above the $2,620 level. The price traded close to the 23.6% Fib retracement level of the downward move from the $2,757 swing high to the $2,605 low.
Besides, there was a break above a connecting bearish trend line with resistance at $2,620 on the hourly chart of ETH/USD. However, the price is struggling to gain bullish momentum.
Ethereum price is now trading below $2,650 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,650 level. The first major resistance is near the $2,700 level. It is close to the 50% Fib retracement level of the downward move from the $2,757 swing high to the $2,605 low.
A clear move above the $2,700 resistance might send the price toward the $2,750 resistance. An upside break above the $2,750 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,800 resistance zone in the near term. The next hurdle sits near the $2,850 level or $2,880.
More Downsides In ETH?
If Ethereum fails to clear the $2,650 resistance, it could start another decline. Initial support on the downside is near the $2,600 level. The first major support sits near the $2,550 zone.
A clear move below the $2,550 support might push the price toward $2,500. Any more losses might send the price toward the $2,440 support level in the near term. The next key support sits at $2,420.
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 – $2,600
Major Resistance Level – $2,650