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Home»BITCOIN NEWS»Ethereum price could see a technical correction, but the upside may be limited.
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Ethereum price could see a technical correction, but the upside may be limited.

By Crypto FlexsJanuary 26, 20243 Mins Read
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Ethereum price could see a technical correction, but the upside may be limited.
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Ethereum price is attempting to recover beyond the $2,200 area. ETH could begin a significant rally if it settles above the $2,240 resistance.

  • Ethereum began an upward correction in the $2,165 region.
  • The price is trading below $2,250 and the 100-hour simple moving average.
  • The hourly chart of ETH/USD (data feed via Kraken) shows a near-term bearish trendline forming with resistance near $2,225.
  • A break above the $2,240 resistance could initiate a significant rally.

Ethereum price eye recovery

Ethereum price has formed a support base above the $2,165 level. ETH appears to be consolidating losses near the $2,200 level and may be targeting a Bitcoin-like recovery.

There has been a slight upward correction above the $2,200 level, but bears remain active near the $2,240 resistance zone. Additionally, on the hourly chart of ETH/USD, there is a short-term bearish trendline forming with resistance near $2,225.

Ethereum is currently trading below $2,250 and the 100-hour simple moving average. On the positive side, the first major resistance is near the $2,240 level. This is close to the 23.6% Fib retracement level of the key decline from the $2,480 swing high to the $2,165 low.

The next major resistance is near $2,280 or the 100-hourly simple moving average, a break above which could push the price higher to test the 50% Fib retracement level of the major decline from the $2,480 swing high to the $2,165 low. If the bulls push the price above the $2,320 resistance, they could target $2,360.

Source: ETHUSD on TradingView.com

A clear break above the $2,360 level could initiate a significant rally. If specified, the price could rise to the $2,420 level. If more gains occur, the price may head towards the $2,500 area.

Another failure for ETH?

If Ethereum fails to clear the $2,240 resistance, it could begin another downtrend. Initial support for the downside is near the $2,200 level.

The next major support could be the $2,165 area. A daily close below the $2,165 support could begin another major decline. If indicated, Ether could test the $2,080 support. Any more losses could push the price down to the $2,000 level.

technical indicators

Hourly MACD – ETH/USD MACD is losing momentum in bearish territory.

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

Key Support Level – $2,165

Key Resistance Level – $2,240

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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