Ethereum Struggles Under $2,400 Amid Signs of Possible Recovery

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Ethereum’s price has extended its decline, dipping below the $2,350 mark. However, ETH is showing signs of recovery, although it faces significant resistance around the $2,300 zone.

The cryptocurrency’s downward trajectory continued, breaking through the $2,350 barrier and trading beneath the $2,400 level, aligning with a bearish phase similar to Bitcoin. It even dipped below the $2,320 support, hitting a low near $2,311 before beginning to consolidate its losses.


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In a minor recovery effort, the price climbed above the $2,350 level but remains below the 23.6% Fibonacci retracement level from the recent high of $2,655 to the low of $2,311. Ethereum is currently trading under $2,400 and the 100-hourly Simple Moving Average, facing obstacles around the $2,400 resistance level. A key bearish trend line with resistance at $2,400 is forming on the hourly chart for ETH/USD.

Breaking through this trend line resistance could propel the price towards the $2,480 level, which is near the 50% Fibonacci retracement level of the aforementioned downward movement. An upside break beyond $2,480 could create momentum for additional gains, potentially driving Ether towards the $2,550 resistance zone in the short term, with subsequent resistance around $2,650 or $2,665.

On the flip side, if Ethereum cannot surpass the $2,400 resistance, it may face another decline. Initial support on the downside is expected near the $2,350 level, with more significant support around the $2,300 zone. A decisive move below $2,300 might push the price towards $2,220, and further losses could lead to a decline to the $2,120 support level. The next key support is set around $2,050.

Technical indicators suggest a continuation of bearish momentum, with the MACD for ETH/USD losing pace and the RSI for ETH/USD staying below the 50 zone. The primary support level stands at $2,300, while major resistance remains at $2,400.

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Melinda Cochrane is a poet, teacher and fiction author. She is also the editor and publisher of The Inspired Heart, a collection of international writers. Melinda also runs a publishing company, Melinda Cochrane International books for aspiring writers, based out Montreal, Quebec. Her publication credits include: The art of poetic inquiry, (Backalong Books), a novella, Desperate Freedom, (Brian Wrixon Books Canada), and 2 collections of poetry; The Man Who Stole Father’s Boat, (Backalong Books), and She’s an Island Poet, Desperate Freedom was on the bestseller's list for one week, and The Man Who Stole Father’s Boat is one of hope and encouragement for all those living in the social welfare system. She’s been published in online magazines such as, (regular writer for) ‘Life as a Human’, and Shannon Grissom’s magazine.