Ethereum is testing a $2,350 support level, crucial for potential price recovery. Surpassing this mark could lead to targeting resistance at $3,000 and $3,800.
Ethereum's Current Price Action
According to Ali Charts' analysis, Ethereum's price has seen fluctuations over the past year, reaching highs above $4,000 before falling below $2,250 to support near $2,135, and then rebounding. Resistance is observed around $3,000 and $3,800.
Potential Recovery Scenarios and Market Insights
TradingView data shows bearish momentum with the MACD indicator, where the MACD line is at -174.04 and RSI at 37.20, indicating weak buying pressure. If RSI falls below 30, ETH might see further declines, but if it rebounds above 40 and MACD lines cross, a short-term recovery is possible.
The Significance of Current Levels for Ethereum
Breaking above the $2,350 mark could generate enough buying pressure to open the way for further price increase. This price area is significant as the asset has previously responded positively to it, and a successful reclaim could see Ethereum reaching the $3,000–$4,000 range.
The current situation for Ethereum emphasizes the importance of the $2,350 support level for price recovery. This could mark the beginning of a move towards higher levels under favorable market conditions.
