{"id":888,"date":"2024-10-28T05:11:05","date_gmt":"2024-10-28T05:11:05","guid":{"rendered":"https:\/\/bitcotasks.com\/blog\/ethereum-price-lacks-traction-can-it-overcome-the-slowdown\/"},"modified":"2024-10-28T05:11:05","modified_gmt":"2024-10-28T05:11:05","slug":"ethereum-price-lacks-traction-can-it-overcome-the-slowdown","status":"publish","type":"post","link":"https:\/\/bitcotasks.com\/blog\/ethereum-price-lacks-traction-can-it-overcome-the-slowdown\/","title":{"rendered":"Ethereum Price Lacks Traction: Can It Overcome The Slowdown?"},"content":{"rendered":"<p><em>Ethereum price extended losses and tested the $2,380 support zone. ETH is recovering losses and struggling to gain pace for a move above the $2,5250 level.<\/em><\/p>\n<ul>\n<li>Ethereum started a recovery wave from the $2,380 zone.<\/li>\n<li>The price is trading below $2,500 and the 100-hourly Simple Moving Average.<\/li>\n<li>There is a short-term rising channel forming with support at $2,480 on the hourly chart of ETH\/USD (data feed via Kraken).<\/li>\n<li>The pair could start a fresh increase if it clears the $2,520 and $2,550 resistance levels.<\/li>\n<\/ul>\n<h2>Ethereum Price Aims Higher<\/h2>\n<p>Ethereum price extended its decline below the $2,250 level unlike Bitcoin. ETH traded as low as $2,379 and recently started an upside correction.<\/p>\n<p>There was a minor increase above the $2,420 level. The price traded above the 50% Fib retracement level of the downward wave from the $2,562 swing high to the $2,379 low. The bulls even pushed the price above the $2,500 resistance but struggled near $2,520.<\/p>\n<p>Ethereum price is now trading below $2,500 and the 100-hourly Simple Moving Average. There is also a short-term rising channel forming with support at $2,480 on the hourly chart of ETH\/USD.<\/p>\n<p>On the upside, the price seems to be facing hurdles near the $2,520 level and the 100-hourly Simple Moving Average. It is close to the 76.4% Fib retracement level of the downward wave from the $2,562 swing high to the $2,379 low.<\/p>\n<p><img decoding=\"async\" data-recalc-dims=\"1\" class=\"wp-image-650178 size-full\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2024\/10\/Ethereum_ff63fa.png?resize=1024%2C478\" alt=\"Ethereum Price\" width=\"1024\" height=\"478\" loading=\"lazy\" \/><\/p>\n<p>The first major resistance is near the $2,550 level. The main resistance is now forming near $2,600. A clear move above the $2,600 resistance might send the price toward the $2,650 resistance. An upside break above the $2,650 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,750 resistance zone.<\/p>\n<h2>Another Decline In ETH?<\/h2>\n<p>If Ethereum fails to clear the $2,520 resistance, it could start another decline. Initial support on the downside is near the $2,480 level. The first major support sits near the $2,420 zone.<\/p>\n<p>A clear move below the $2,420 support might push the price toward $2,380. Any more losses might send the price toward the $2,320 support level in the near term. The next key support sits at $2,250.<\/p>\n<p>Technical Indicators<\/p>\n<p>Hourly MACD<strong> \u2013 <\/strong>The MACD for ETH\/USD is losing momentum in the bullish zone.<\/p>\n<p>Hourly RSI<strong> &#8211; <\/strong>The RSI for ETH\/USD is now near the 50 zone.<\/p>\n<p>Major Support Level \u2013 $2,450<\/p>\n<p>Major Resistance Level \u2013 $2,520<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum price extended losses and tested the $2,380 support zone. ETH is recovering losses and struggling to gain pace for a move above the $2,5250 level. Ethereum started a recovery wave from the $2,380 zone. The price is trading below $2,500 and the 100-hourly Simple Moving Average. There is a short-term rising channel forming with&hellip;<\/p>\n","protected":false},"author":1,"featured_media":889,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[147],"tags":[138,148,102,104,105],"class_list":["post-888","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-eth","tag-eth","tag-ethbtc","tag-ethereum","tag-ethusd","tag-ethusdt"],"_links":{"self":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts\/888","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/comments?post=888"}],"version-history":[{"count":0,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts\/888\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/media\/889"}],"wp:attachment":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/media?parent=888"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/categories?post=888"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/tags?post=888"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}