Ethereum Price Is Under Pressure As It Encounters Rejection At $2,400

The price of Ethereum (ETH) is trading below the moving averages but above the $2,200 support level. Price analysis by Coinidol.com.

Long-term analysis of the Ethereum price: bearish

On January 30, 2024, buyers tried to hold the price above the moving average lines but were unsuccessful, as Coinidol.com reported before. The moving average lines and the $2,400 barrier are hindering an upward move. At the time of writing, the price of the altcoin stands at $2,324. Considering the recent price behavior, Ether is trading in a limited range of $2,200 to $2,400.

The uptrend will only start if buyers keep the price above the moving average lines and the $2,400 resistance level. The market will test its previous high at $2,700. If Ether loses the current support, it will fall back to its previous low of $2,000.00.

Ethereum indicator analysis

Ether’s price bars are below the moving average lines, with the 50-day SMA acting as resistance. The moving average lines are pointing upwards towards the current uptrend. Ether is currently in the overbought zone of the market.

Technical analysis

Key resistance levels – $2,200 and $2,400

Key support levels – $1,800 and $1,600

What is the next direction for Ethereum?

On the 4-hour chart, Ether is in an upward correction and reached a high of $2,391. The largest altcoin is under pressure as it approaches the resistance level of $2,400. Ether has slipped below the moving average lines but is expected to return to the previous high.

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do the research before investing in funds.

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• Source: https://coinidol.com/ethereum-encounters-rejection/