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Home»EXCHANGE NEWS»Ethereum Price Range Limit – Can ETH Test $2,700 Again?
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Ethereum Price Range Limit – Can ETH Test $2,700 Again?

By Crypto FlexsJanuary 16, 20243 Mins Read
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Ethereum Price Range Limit – Can ETH Test ,700 Again?
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Ethereum price moved lower and tested the $2,440 support. ETH is currently trading range-bound and faces hurdles near the $2,550 and $2,585 levels.

  • Ethereum is attempting a new rise from the $2,450 level.
  • The price is trading just above $2,500 and the 100-hour simple moving average.
  • On the hourly chart of ETH/USD (data feed via Kraken), a breakout occurred above a bearish trend line connecting with resistance near $2,510.
  • A break above the $2,550 and $2,585 resistance levels could provide bullish momentum.

Ethereum price holds key support

Ethereum price began a downward correction below the $2,620 support zone. ETH fell below the $2,550 support level, but bulls remained active near $2,440. Lows were made near $2,469 and the price is currently trading in the same range as Bitcoin.

It increased slightly above the $2,500 level. The price recently broke above the 50% Fib retracement level of the decline from the $2,588 swing high to the $2,469 low.

Additionally, a breakout occurred above the bearish trend line connecting with resistance near $2,510 on the ETH/USD hourly chart. Ethereum is currently trading just above $2,500 and the 100-hour simple moving average. On the positive side, the price is facing resistance near the $2,540 level, or the 61.8% Fib retracement level of the recent decline from the $2,588 swing high to the $2,469 low.

Source: ETHUSD on TradingView.com

The next major resistance is currently near $2,585. A clear break above the $2,585 level could initiate a significant rally. If specified, the price could rise to the $2,650 level. Major resistance is currently forming near $2,720. A break above the $2,720 resistance could initiate another major rally. The next major resistance is near $2,780. More gains could lead the price towards the $2,880 area.

Another decline in ETH?

If Ethereum fails to clear the $2,585 resistance, it could begin another downtrend. Initial support for the downside is near the $2,495 level.

The next major support could be in the $2,445 area. A break below the $2,445 support could push the price lower. If indicated, Ether could test the $2,380 support. Any more losses could push the price down to the $2,320 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 just above the 50 level.

Key Support Level – $2,445

Key Resistance Level – $2,585

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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