Ethereum

bullish

Bitcoin

Resistance

Ethereum price started a recovery wave from the $1,910 zone. ETH is up over 10% and is now consolidating near the $2,500 zone. 
<ul> 
 <li>Ethereum started a recovery wave above the $2,250 and $2,400 levels.</li> 
 <li>The price is trading below $2,650 and the 100-hourly Simple Moving Average.</li> 
 <li>There was a break above a key bearish trend line with resistance at $2,400 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could struggle to clear the $2,680 resistance zone.</li> 
</ul> 
<h2 id="ethereum-price-rebound-10">Ethereum Price Rebound 10%</h2> 
Ethereum price gained bearish momentum below the $2,500 support. ETH dragged <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-bounce-back-55k/" target="_blank" rel="noopener ">Bitcoin</a> lower and traded below the $2,200 support. It even spiked below the $2,000 level before the bulls appeared. 
A low was formed at $1,911 and the price recently started a recovery wave. There was a recovery wave above the $2,250 level. The price broke the 50% Fib retracement level of the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-crashes-2000/" target="_blank" rel="noopener ">downward move</a> from the $2,920 swing high to the $1,910 swing low. 
Besides, there was a break above a key bearish trend line with resistance at $2,400 on the hourly chart of ETH/USD. Ethereum price is still trading below $2,650 and the 100-hourly Simple Moving Average. 
On the upside, the price is facing hurdles near the $2,550 level and the 61.8% Fib retracement level of the downward move from the $2,920 swing high to the $1,910 swing low. The first major resistance is near the $2,680 level. <a href="https://www.newsbtc.com/wp-content/uploads/2024/08/Ethereum_29e4e4.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-633341 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/08/Ethereum_29e4e4.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/08/Ethereum_29e4e4.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/08/Ethereum_29e4e4.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/08/Ethereum_29e4e4.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/08/Ethereum_29e4e4.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/08/Ethereum_29e4e4.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/08/Ethereum_29e4e4.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/08/Ethereum_29e4e4.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
The next major hurdle is near the $2,650 level. A close above the $2,650 level might send Ether toward the $2,850 resistance. The next key resistance is near $2,880. An upside break above the $2,880 resistance might send the price higher toward the $3,000 resistance zone in the near term. 
<h2 id="another-decline-in-eth">Another Decline In ETH?</h2> 
If Ethereum fails to clear the $2,550 resistance, it could start another decline. Initial support on the downside is near $2,365. The first major support sits near the $2,250 zone. 
A clear move below the $2,250 support might push the price toward $2,050. Any more losses might send the price toward the $2,000 support level in the near term. The next key support sits at $1,920. 
Technical Indicators 
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone. 
Hourly RSI – The RSI for ETH/USD is now above the 50 zone. 
Major Support Level – $2,365 
Major Resistance Level – $2,550

Ethereum Price Rebounds to $2,500: Is There More Room to Climb?

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