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Home»EXCHANGE NEWS»If Ethereum price continues to fall below $2,400, the upside bias becomes vulnerable.
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If Ethereum price continues to fall below $2,400, the upside bias becomes vulnerable.

By Crypto FlexsFebruary 6, 20243 Mins Read
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If Ethereum price continues to fall below ,400, the upside bias becomes vulnerable.
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Ethereum price is consolidating above $2,250. ETH could begin a significant rally if it clears the $2,340 and $2,380 resistance levels.

  • Ethereum is struggling to gain speed above the $2,350 area.
  • The price is trading above $2,300 and the 100-hour simple moving average.
  • The hourly chart of ETH/USD (data feed via Kraken) shows a short-term rising channel forming with resistance near $2,350.
  • A break above the $2,350 resistance could start a new rally.

Ethereum Price Eyes Fresh Increase

Ethereum price remained in a range below the $2,350 resistance zone. ETH was trading lower below $2,320, but bulls were active near the $2,280 support zone.

A low was made near $2,282, and the price is now attempting a new rally in the same range as Bitcoin. There was movement above the $2,300 resistance zone and the 100-hourly simple moving average. The price also cleared the 61.8% Fib retracement level of the recent decline from the $2,334 swing high to the $2,282 low.

Ethereum is currently trading above $2,300 and the 100-hour simple moving average. Additionally, on the hourly chart of ETH/USD, there is a short-term ascending channel with resistance forming near $2,350.

On the upside, the first major resistance is near the $2,325 level, i.e. the 76.4% Fib retracement level of the recent decline from the $2,334 swing high to the $2,282 low. The next major resistance is near $2,350, above which the price could rise to test the $2,380 resistance.

Source: ETHUSD on TradingView.com

If the bulls push the price above the $2,380 resistance, they could target $2,450. A clear break above the $2,450 level could push the price even higher. If specified, the price could rise to the $2,500 level.

Another drop in ETH?

If Ethereum fails to clear the $2,350 resistance, another decline could begin. Initial support for the downside is near the $2,280 level and the channel trendline.

The next major support could be the $2,240 zone. A clear move below the $2,240 support could lead the price towards $2,180. The main assistance amount could be $2,120. Any more losses could push the price down to the $2,040 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 – $2,240

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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