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Home»EXCHANGE NEWS»Ethereum price has reached support. Can ETH start growing steadily again?
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Ethereum price has reached support. Can ETH start growing steadily again?

By Crypto FlexsJanuary 23, 20243 Mins Read
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Ethereum price has reached support.  Can ETH start growing steadily again?
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Ethereum price extended losses and tested the $2,300 support. ETH is currently trying to recover above the $2,340 level and may test $2,390.

  • Ethereum began a new downtrend below the $2,420 and $2,400 levels.
  • The price is trading below $2,400 and the 100-hour simple moving average.
  • On the ETH/USD hourly chart (data feed via Kraken), a breakout occurred above a bearish trend line connecting with resistance near $2,340.
  • After breaking the $2,390 and $2,400 levels, the pair will attempt a new increase.

Ethereum price revisits $2,300.

Ethereum price has struggled to initiate a new rally above the $2,550 and $2,580 resistance levels. ETH began a new downtrend and, like Bitcoin, traded below the $2,400 support line.

There was a move below the $2,350 level. A new weekly low was formed near $2,302 and the price is currently consolidating losses. There was a slight increase from the $2,330 level. The price broke above the 23.6% Fib retracement level moving down from the $2,479 swing high to the $2,302 low.

Additionally, on the hourly chart of ETH/USD, a breakout occurred above a bearish trend line connecting with resistance near $2,340. Ethereum is currently trading below $2,400 and the 100-hour simple moving average. Meanwhile, the price is finding resistance near $2,365.

The next hurdle could be the 50% Fib retracement level at $2,390 or a downside move from the $2,479 swing high to the $2,302 low. The next major resistance is currently near $2,400. A clear break above the $2,400 level could initiate a significant rally. If specified, the price could rise to the $2,480 level.

Source: ETHUSD on TradingView.com

The next major hurdle is near the $2,500 area. A break above the $2,500 resistance could begin another steady rise. If stated, Ether price could rise to the $2,650 region.

Another drop in ETH?

If Ethereum fails to clear the $2,390 resistance, it could begin another downtrend. Initial support for the downside is near the $2,320 level.

The next major support could be the $2,300 zone. A break below the $2,300 support could push the price lower. If indicated, Ether could test the $2,250 support. Any more losses could push the price down to the $2,200 level.

technical indicators

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

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

Key Support Level – $2,300

Key Resistance Level – $2,390

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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