Ethereum Price Hints at Recovery: Is a Comeback in Sight?

Aug 29, 2024 04:00 am Cryptocurrency 35

Ethereum price tested the $2,400 zone and recovered some losses. ETH must clear the $2,550 resistance zone to start a decent increase in the near term.

Ethereum started a consolidation phase after a sharp decline to $2,400.

The price is trading below $2,550 and the 100-hourly Simple Moving Average.

There is a key bearish trend line forming with resistance at $2,555 on the hourly chart of ETH/USD (data feed via Kraken).

The pair could start a recovery wave if it clears the $2,555 and $2,600 resistance levels.

Ethereum Price Eyes Recovery

Ethereum price extended its decline below the $2,650 level. ETH even traded below the $2,550 and $2,500 support levels like Bitcoin. Finally, the bulls appeared near the $2,400 zone.

A low was formed at $2,394 and the price recently started a minor recovery wave. There was a move above the $2,450 and $2,480 ..

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