Ethereum

<ul><li>Ethereum struggles to reclaim $2,850, a critical resistance level for a potential bullish reversal.</li><li>RSI near oversold territory suggests a potential buying opportunity for Ethereum traders.</li><li>MACD shows bearish momentum, but a bullish crossover could indicate an upcoming Ethereum rally.</li></ul>Ethereum&#39;s recent price action shows it is attempting a recovery after a significant downturn. Over the past few weeks, <a href="https://cryptotale.org/ethereum-in-smart-contracts-nears-40-amid-blocktower-capitals-9232-eth-sale/" rel="noopener noreferrer nofollow">Ethereum</a> has faced considerable selling pressure, leading to a substantial decline. However, the cryptocurrency is now showing signs of recovery as it hovers around $2,740.The ETH/USD chart highlights a clear downtrend for Ethereum, with a series of lower highs and lower lows observed since early May. The price dipped sharply, reaching a low point near $2,131. Despite this, Ethereum has recently bounced back, though the recovery seems cautious. Crypto analyst Crypto Tony has commented on the situation, noting that Ethereum needs to reclaim the $2,850 level to confirm a bullish reversal.The <a href="https://www.tradingview.com/x/SnCbClr8/" rel="noopener noreferrer nofollow">TradingView</a> chart provides additional insights with technical indicators such as the RSI and MACD. The RSI is currently at 42.92, indicating that Ethereum is approaching oversold territory, which could suggest a potential buying opportunity. Meanwhile, the MACD is showing a negative trend, with the MACD line positioned below the signal line, highlighting bearish momentum. However, there is a possibility of a bullish crossover if the current trend continues.<a href="https://cryptotale.org/ethereum-price-action-faces-crucial-resistance-at-2850/" rel="noopener noreferrer nofollow">Read more on Cryptotale.</a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|

Ethereum Price Action Faces Crucial Resistance at $2,850

CryptoTale

Other articles published on Aug 14, 2024

Top Crypto Partnerships- August Week 1

Mt. Gox Wakes up Again With $2 Billion Transfer

Mastering Crypto Taxes: A U.S. Taxpayer’s In-Depth Guide

HyperCycle unveils RingOfRings to bolster crypto security

Crypto Market Crashes: Bitcoin Falls 16% and Ethereum Plunges 22% Amid $1B Liquidations

Analyst upgrades Hut 8 mining stock to ‘Buy’, raises price target

Join our free newsletter for daily crypto updates!