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Home»EXCHANGE NEWS»Ethereum price is stuck in a range. Is this a bulls trap or a technical fix?
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Ethereum price is stuck in a range. Is this a bulls trap or a technical fix?

By Crypto FlexsFebruary 2, 20243 Mins Read
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Ethereum price is stuck in a range.  Is this a bulls trap or a technical fix?
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Ethereum price is attempting a new rise above the $2,280 resistance level. ETH could gain bullish momentum if there is a clear move above $2,350.

  • Ethereum is slowly rising from the $2,240 support zone.
  • The price is trading above $2,280 and the 100-hour simple moving average.
  • The hourly chart of ETH/USD (data feed via Kraken) shows a rising channel with resistance near $2,320.
  • A break above the $2,350 resistance could start a new rally.

Ethereum price stagnates below $2,400

Ethereum price took correction gains and traded below the $2,300 level. However, ETH bulls remained active near the $2,240 support zone. A low was formed near $2,241 and the price began an upward trend like Bitcoin.

The price is still moving in a wide range below the $2,400 pivot zone. It rose slightly above the $2,280 and $2,300 resistance levels. The price also tested the 50% Fib retracement level moving down from the $2,390 swing high to the $2,241 low.

Ethereum is currently trading above $2,280 and the 100-hour simple moving average. The hourly chart of ETH/USD also has a rising channel with resistance forming near $2,320.

On the positive side, the first major resistance is near the $2,315 level. The next major resistance level is $2,320 or near the trend line. The next major resistance could be the 76.4% Fib retracement level at $2,350 or a downside move from the $2,390 swing high to the $2,241 low, above which the price could rise to test the $2,400 resistance.

Source: ETHUSD on TradingView.com

If the bulls push the price above the $2,400 resistance, they could target $2,480. A clear break above the $2,480 level could push the price higher. If specified, the price could rise to the $2,550 level.

Another drop in ETH?

If Ethereum fails to clear the $2,350 resistance, another decline could begin. Initial support on the downside is near the $2,290 level or the 100-hourly SMA.

The next major support could be the $2,240 zone. A clear move below the $2,240 support could lead the price towards $2,200. The main assistance amount could be $2,120. Any more losses could push the price down to the $2,080 level.

technical indicators

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

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

Key Support Level – $2,240

Key Resistance Level – $2,350

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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