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Home»EXCHANGE NEWS»Ethereum Bulls Hit 2024 Highs as BTC Pumps Above $45K.
EXCHANGE NEWS

Ethereum Bulls Hit 2024 Highs as BTC Pumps Above $45K.

By Crypto FlexsJanuary 2, 20243 Mins Read
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Ethereum Bulls Hit 2024 Highs as BTC Pumps Above K.
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Ethereum price is aiming for an upward reversal by breaking the resistance level of $2,440. ETH could rise like Bitcoin if it closes above the $2,500 level.

  • Ethereum is trading higher at the $2,250 support level.
  • The price is trading above $2,350 and the 100-hour simple moving average.
  • On the hourly chart of ETH/USD (data feed via Kraken), a breakout occurred above a major bearish trendline with resistance near $2,300.
  • A clear move above $2,400 and $2,440 could push the pair higher.

Ethereum price sees major upward reversal

Ethereum price found support near the $2,250 level and recently began a new rise. ETH recovered after Bitcoin pumped above the $44,400 resistance area.

The price broke above the resistance levels of $2,300 and $2,320. Additionally, a breakout occurred above a major bearish trendline with resistance near $2,300 on the hourly chart of ETH/USD. The pair moved down from the $2,445 swing high to the $2,258 low, breaking above the 61.8% Fib retracement level.

Bitcoin is currently trading above $2,350 and the 100-hour simple moving average. Meanwhile, the price is finding resistance near $2,400. This is close to the 76.4% Fib retracement level of the downward move from the $2,445 swing high to the $2,258 low.

Source: ETHUSD on TradingView.com

The first major resistance is currently near $2,445. A close above the $2,445 resistance could push the price up to $2,500. The next major resistance is near $2,550. If the bull market continues to push ETH above $2,550, it could fall towards $2,620. The next resistance level is $2,650, above which Ethereum could test the $2,800 area.

Another drop in ETH?

If Ethereum fails to clear the $2,400 resistance, it could begin another downtrend. Initial support for the downside is near the $2,350 level.

The first major support could be the $2,320 zone. A break below and a close below $2,320 could begin another major decline. If indicated, Ether could test the $2,250 support. Any more losses could push the price down to the $2,120 level.

technical indicators

Hourly MACD – ETH/USD MACD is gaining momentum in the bullish zone.

RSI per hour – The RSI for ETH/USD is now above the 50 level.

Key Support Level – $2,320

Key Resistance Level – $2,400

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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