Ethereum Price Struggles to Recover: Short-Term Outlook Weak

Sep 17, 2024 04:00 am Cryptocurrency 41

Ethereum price gained bearish momentum and traded below $2,350. ETH is consolidating losses and might struggle to recover above $2,350.

Ethereum started another decline below $2,350 and $2,320.

The price is trading below $2,310 and the 100-hourly Simple Moving Average.

There is a major bearish trend line forming with resistance at $2,360 on the hourly chart of ETH/USD (data feed via Kraken).

The pair must clear the $2,360 resistance to start a recovery wave in the near term.

Ethereum Price Starts Consolidation

Ethereum price failed to clear the $2,450 resistance and started another decline like Bitcoin. ETH traded below the $2,400 and $2,350 support levels to enter a bearish zone.

The price even dived below the $2,320 level. A low was formed at $2,253 and the price is now consolidating losses. There was a minor recovery wave above the $2,285 level. The price tested ..

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