Ethereum

bullish

Bitcoin

Resistance

Higher

Ethereum price started a recovery wave above the $2,350 resistance zone. ETH could gain bullish momentum if it clears the $2,680 resistance zone. 
<ul> 
 <li>Ethereum started a recovery wave above the $2,350 and $2,420 levels.</li> 
 <li>The price is trading below $2,640 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a connecting bullish trend line forming with support at $2,440 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could rise steadily if it clears the $2,680 resistance zone.</li> 
</ul> 
<h2 id="ethereum-price-aims-higher-ground">Ethereum Price Aims Higher Ground</h2> 
Ethereum price started a <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-rebounds-2500/" target="_blank" rel="noopener ">recovery wave</a> after a nasty spike below the $2,000 level. ETH climbed above the $2,200 and $2,250 resistance levels like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-strength-55k/" target="_blank" rel="noopener ">Bitcoin</a> above $65,000. 
There was a move above the 50% Fib retracement level of the downward wave from the $2,920 swing high to the $1,910 swing low. Moreover, there is also a connecting bullish trend line forming with support at $2,440 on the hourly chart of ETH/USD. However, the bears are active near the $2,540 and $2,550 levels. 
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 $2,540 level and the 61.8% Fib retracement level of the downward wave from the $2,920 swing high to the $1,910 swing low. <a href="https://www.newsbtc.com/wp-content/uploads/2024/08/Ethereum_98b0bd.png?resize=1024%2C461"><img decoding="async" class="wp-image-633637 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/08/Ethereum_98b0bd.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/08/Ethereum_98b0bd.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/08/Ethereum_98b0bd.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/08/Ethereum_98b0bd.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/08/Ethereum_98b0bd.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/08/Ethereum_98b0bd.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/08/Ethereum_98b0bd.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/08/Ethereum_98b0bd.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" loading="lazy" data-recalc-dims="1"></a> 
The first major resistance is near the $2,680 level and the 100-hourly Simple Moving Average. The next major hurdle is near the $2,720 level. A close above the $2,720 level might send Ether toward the $2,860 resistance. The next key resistance is near $2,920. An upside break above the $2,920 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 $2,540 resistance, it could start another decline. Initial support on the downside is near $2,440 and the trend line zone. The first major support sits near the $2,365 zone. 
A clear move below the $2,365 support might push the price toward $2,250. Any more losses might send the price toward the $2,120 support level in the near term. The next key support sits at $2,050. 
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 – $2,540

Ethereum Price Poised to Climb Higher: What’s Next for ETH?

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