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Home»Analysis»Ethereum price is recovering ground, but upside may be limited above $2,300
Analysis

Ethereum price is recovering ground, but upside may be limited above $2,300

2024-01-06No Comments3 Mins Read
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The price of Ethereum plummeted and peaked below $2,000 on Kraken. ETH is now recovering above the USD 2,200 level, but the bears could be active around USD 2,300.

  • Ethereum started a big decline and plunged below the $2,200 support.
  • The price is trading below $2,300 and the 100-hourly Simple Moving Average.
  • A connecting bearish trendline is forming with resistance near $2,300 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to rise if there is a clear move above $2,290 and $2,300.

Ethereum price plunges

Ethereum price struggled to move above the USD 2,400 resistance zone. ETH also started a major decline, much like Bitcoin, breaking the USD 2,200 support zone.

There was a sharp decline and the price even peaked below the $2,000 support zone. A new yearly low was formed around $1,860 and the price is now recovering losses. There was a decent rise above the USD 2,000 and USD 2,080 resistance levels.

The price climbed above the 50% Fib retracement level of the downward move from the $2,430 swing high to the $1,860 low. However, Ethereum is still below $2,300 and the 100-hourly Simple Moving Average.

On the upside, the price is facing resistance around the $2,290 level. The first major resistance is now near $2,300. There is also a connecting bearish trendline forming with resistance around $2,300 on the hourly chart of ETH/USD. The trendline is close to the 76.4% Fib retracement level of the downward move from the $2,430 swing high to the $1,860 low.

Ethereum price

Source: ETHUSD on TradingView.com

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A close above the USD 2,300 resistance could send the price towards USD 2,400. The next major resistance is near USD 2,440. If there is a clear move above USD 2,400, there could be a drift towards USD 2,500. The next resistance is at $2,500, above which Ethereum could rise and test the $2,620 zone.

New drop in ETH?

If Ethereum fails to clear the USD 2,300 resistance, it could trigger another decline. The initial downside support is near the $2,200 level.

The first major support could be the $2,080 zone. A downside break and a close below $2,080 could trigger another steady decline. In the said case, Ether could test the $2,000 support. Any further losses could send the price towards the USD 1,860 level.

Technical indicators

hourly MACD – The MACD for ETH/USD is regaining momentum in the bullish zone.

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

Major support level – $2,180

Major resistance level – $2,300

Disclaimer: The article is for educational purposes only. It does not represent NewsBTC’s views on buying, selling or holding investments and of course investing involves risks. You are advised to conduct your own research before making any investment decisions. Use the information on this website entirely at your own risk.

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Ethereum Ground Limited Price recovering Upside
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