Ethereum

bullish

Bitcoin

Resistance

Ethereum price failed to continue higher above the $2,550 resistance zone. ETH is now consolidating near $2,450 and showing a few bearish signs. 
<ul> 
 <li>Ethereum started a recovery wave above the $2,400 and $2,420 levels.</li> 
 <li>The price is trading below $2,550 and the 100-hourly Simple Moving Average.</li> 
 <li>There was a break below a connecting bullish trend line with support at $2,500 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could rise steadily if it clears the $2,550 resistance zone.</li> 
</ul> 
<h2 id="ethereum-price-struggles-below-2-550">Ethereum Price Struggles Below $2,550</h2> 
Ethereum price started a recovery wave above the $2,250 resistance level. ETH climbed above the $2,320 and $2,450 resistance levels like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-upsides-58k/" target="_blank" rel="noopener ">Bitcoin</a> above $65,000. 
However, the bears were active near the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-climb-3550/" target="_blank" rel="noopener ">$2,550 resistance zone</a>. A high was formed at $2,555 before there was a downside correction. The price declined below the $2,450 level. It dipped below the 23.6% Fib retracement level of the upward move from the $1,911 swing low to the $2,555 high. 
Besides, there was a break below a connecting bullish trend line with support at $2,500 on the hourly chart of ETH/USD. The pair tested the $2,320 support and is currently rising. 
Ethereum price is still trading below $2,550 and the 100-hourly Simple Moving Average. On the upside, the price is facing hurdles near the $2,500 level. The first major resistance is near the $2,550 level and the 100-hourly Simple Moving Average. <a href="https://www.newsbtc.com/wp-content/uploads/2024/08/Ethereum_19dd28.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-633924 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/08/Ethereum_19dd28.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/08/Ethereum_19dd28.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/08/Ethereum_19dd28.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/08/Ethereum_19dd28.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/08/Ethereum_19dd28.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/08/Ethereum_19dd28.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/08/Ethereum_19dd28.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/08/Ethereum_19dd28.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
A close above the $2,550 level might send Ether toward the $2,685 resistance. The next key resistance is near $2,865. An upside break above the $2,865 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 $2,350. The first major support sits near the $2,300 zone. 
A clear move below the $2,300 support might push the price toward $2,150 and the 61.8% Fib retracement level of the upward move from the $1,911 swing low to the $2,555 high. 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 – $2,300 
Major Resistance Level – $2,550

Ethereum Price Shows Weakness: Can It Overcome The Struggles?

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