Ethereum Price Topside Bias Vulnerable If It Continues To Struggle Below $2,400
February 05 2024 - 11:48PM
NEWSBTC
Ethereum price is consolidating above the $2,250 zone. ETH could
start a decent increase if it clears the $2,340 and $2,380
resistance levels. Ethereum is struggling to gain pace for a move
above the $2,350 zone. The price is trading above $2,300 and the
100-hourly Simple Moving Average. There is a short-term rising
channel forming with resistance near $2,350 on the hourly chart of
ETH/USD (data feed via Kraken). The pair might start a fresh
increase if it manages to clear the $2,350 resistance zone.
Ethereum Price Eyes Fresh Increase Ethereum price remained in a
range below the $2,350 resistance zone. ETH traded lower below
$2,320, but the bulls were active near the $2,280 support zone. A
low was formed near $2,282 and the price is now attempting a fresh
increase in a range, like Bitcoin. There was a move above the
$2,300 resistance zone and the 100-hourly Simple Moving Average.
The price even cleared the 61.8% Fib retracement level of the
recent decline from the $2,334 swing high to the $2,282 low.
Ethereum is now trading above $2,300 and the 100-hourly Simple
Moving Average. There is also a short-term rising channel forming
with resistance near $2,350 on the hourly chart of ETH/USD. On the
upside, the first major resistance is near the $2,325 level or the
76.4% Fib retracement level of the recent decline from the $2,334
swing high to the $2,282 low. The next major resistance is near
$2,350, above which the price might rise and test the $2,380
resistance. Source: ETHUSD on TradingView.com If the bulls push the
price above the $2,380 resistance, they could aim for $2,450. A
clear move above the $2,450 level might send the price further
higher. In the stated case, the price could rise toward the $2,500
level. Another Decline in ETH? If Ethereum fails to clear the
$2,350 resistance, it could start another decline. Initial support
on the downside is near the $2,280 level and the channel trend
line. The next key support could be the $2,240 zone. A clear move
below the $2,240 support might send the price toward $2,180. The
main support could be $2,120. Any more losses might send the price
toward the $2,040 level. Technical Indicators Hourly MACD – The
MACD for ETH/USD is losing momentum in the bearish zone. Hourly RSI
– The RSI for ETH/USD is now above the 50 level. Major Support
Level – $2,240 Major Resistance Level – $2,350
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