Ethereum Price Topside Bias Vulnerable Unless It Surges Past 100 SMA

Ethereum Price Topside Bias Vulnerable Unless It Surges Past 100 SMA

Time Stamp: February 1, 2024 7:21 AM

Ethereum price started a fresh decline from the $2,350 resistance. ETH is now testing the $2,240 support and remains at risk of more downsides.

  • Ethereum started a fresh decline after it failed to surpass the $2,350 resistance zone.
  • The price is trading below $2,300 and the 100-hourly Simple Moving Average.
  • There is a key bearish trend line forming with resistance near $2,300 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair might start a fresh increase if it manages to stay above the $2,240 level.

Ethereum Price Eyes Fresh Increase

Ethereum price attempted a fresh increase above the $2,320 resistance zone. However, ETH struggled to gain strength for a move above the $2,350 resistance zone, like Bitcoin.

A high was formed near $2,350 and the price started a fresh decline. There was a clear move below the $2,320 and $2,300 levels. The price retested the $2,240 support. A low is formed near $2,241 and the price is now consolidating losses.

It is testing the 23.6% Fib retracement level of the downward move from the $2,350 swing high to the $2,241 low. There is also a key bearish trend line forming with resistance near $2,300 on the hourly chart of ETH/USD.

Ethereum is now trading below $2,300 and the 100-hourly Simple Moving Average. On the upside, the first major resistance is near the $2,275 level. The next major resistance is near $2,300 or the trend line. It is near the 50% Fib retracement level of the downward move from the $2,350 swing high to the $2,241 low.

Ethereum Price

Source: ETHUSD on TradingView.com

The next key resistance might be $2,325, above which the price might rise and test the $2,350 resistance. If the bulls push the price above the $2,350 resistance, they could aim for $2,400. A clear move above the $2,400 level might send the price further higher. In the stated case, the price could rise toward the $2,450 level.

More Losses in ETH?

If Ethereum fails to clear the $2,300 resistance, it could continue to move down. Initial support on the downside is near the $2,240 level.

The next key support could be the $2,200 zone. A daily close below the $2,200 support might start another steady decline. In the stated case, Ether could test the $2,120 support. 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 bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 level.

Major Support Level – $2,240

Major Resistance Level – $2,300

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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