2 February 2024
Ethereum price is attempting a fresh increase above the $2,280 resistance. ETH could gain bullish momentum if there is a clear move above $2,350.
Ethereum is slowly moving higher from the $2,240 support zone.
The price is trading above $2,280 and the 100-hourly Simple Moving Average.
There is a rising channel forming with resistance near $2,320 on the hourly chart of ETH/USD (data feed via Kraken).
The pair might start a fresh increase if it manages to clear the $2,350 resistance zone.
Ethereum Price Stuck Below $2,400
Ethereum price correction gains and traded below the $2,300 level. However, ETH bulls were active near the $2,240 support zone. A low was formed near $2,241 and the price started an upward move, like Bitcoin.
The price is still moving in a broad range below the $2,400 pivot zone. There was a minor increase above the $2,280 and $2,300 resistance levels. The price even tested the 50% Fib retracement level of the downward move from the $2,390 swing high to the $2,241 low.
Ethereum is now trading above $2,280 and the 100-hourly Simple Moving Average. There is also a rising channel forming with resistance near $2,320 on the hourly chart of ETH/USD.
On the upside, the first major resistance is near the $2,315 level. The next major resistance is near $2,320 or the trend line. The next key resistance might be $2,350 or the 76.4% Fib retracement level of the downward move from the $2,390 swing high to the $2,241 low, above which the price might rise and test the $2,400 resistance.
Source: ETHUSD on TradingView.com
If the bulls push the price above the $2,400 resistance, they could aim for $2,480. A clear move above the $2,480 level might send the price further higher. In the stated case, the price could rise toward the $2,550 level.
Another Decline in ETH?
If Ethereum fails to clear the $2,350 resistance, it could start another decline. Initial support on the downside is near the $2,290 level or the 100 hourly SMA.
The next key support could be the $2,240 zone. A clear move below the $2,240 support might send the price toward $2,200. The main support could be $2,120. Any more losses might send the price toward the $2,080 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $2,240
Major Resistance Level – $2,350