Key Highlights
- Ethereum started a recovery wave from the $2,165 level.
- A key bearish trend line has formed with resistance at $2,300 on the 4-hour chart of ETH/USD.
- Bitcoin price could struggle to reclaim the $80,000 resistance.
- XRP started a consolidation phase below the $1.30 pivot.
Ethereum Technical Analysis
Ethereum declined below the $2,300 and $2,250 support levels against the US Dollar. ETH/USD even spiked below $2,200 before it found support.
Looking at the 4-hour chart, the price traded as low as $2,165 on TitanFX before it started a minor recovery wave. However, the price is still well below the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour).
The price was able to clear the 50% Fib retracement level of the downward move from the $2,385 swing high to the $2,165 low. However, it faced resistance near the 61.8% Fib level and $2,300.
On the upside, the bears might remain active near $2,300 and $2,320. There is also a key bearish trend line formed with resistance at $2,300. The first key resistance could be near $2,350 and the 100 simple moving average (red, 4-hour).
A close above the $2,350 level could open doors for a larger upward movement. In the stated case, ETH could rise toward $2,500. If there is a fresh decline, the price could find support at $2,200.
The first major support might be $2,165. Any more losses might call for a move toward $2,040. The main support could be $2,000.
Looking at Bitcoin, the price started a recovery wave, but the bears might remain active near $80,000 and $81,200.
Economic Releases
- US Factory Orders for Sep 2026 (MoM) – Forecast +1.2%, versus +0.1% previous.
- US JOLTS Job Openings for Sep 2026 (MoM) – Forecast 7.13M, versus 7.079M previous.
