Key Highlights
- Ethereum failed to surpass the $2,800 resistance and trimmed most gains.
- ETH price is following a major bearish trend line with resistance near $2,820 on the daily chart.
- Bitcoin price remains at risk of more losses below $60,000.
- Gold prices might gain pace for a move toward the $2,700 level.
Ethereum Technical Analysis
Ethereum struggled to surpass the $2,750 level and corrected gains. There was a rejection pattern on the chart, suggesting that ETH could face more downsides.
Looking at the daily chart, the price was rejected again below the 50% Fib retracement level of the downward move from the $2,560 swing high to the $2,078 low. It also stayed below the $2,800 resistance zone, the 100-day simple moving average (red), and the 200-day simple moving average (green).
The price is now trading below the $2,620 level and signaling a downturn. The next major support is near $2,250, below which the price could slide toward $2,165. Any more losses might call for a move toward the $2,050 level.
On the upside, ETH is facing resistance near the $2,640 level. The next major resistance is near the $2,800 level. There is also a connecting bearish trend line with resistance at $2,850 on the same chart.
A daily close above the $2,820 resistance zone could start another steady increase. In the stated case, the price may perhaps rise toward the $3,000 level. The next stop for the bulls may perhaps be near the $3,250 level.
Looking at Bitcoin, the bears were able to push the price below $62,000 and might aim for more losses below $60,000.
Economic Releases
- US ISM Services Index for Sep 2024 – Forecast 51.7, versus 51.5 previous.
- US Initial Jobless Claims – Forecast 220K, versus 218K previous.
