{"id":34744,"date":"2024-01-04T04:52:35","date_gmt":"2024-01-04T08:52:35","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=34744"},"modified":"2024-01-04T04:52:35","modified_gmt":"2024-01-04T08:52:35","slug":"ethereum-price-recovers-ground-but-upsides-might-be-limited-above-2300","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2024\/01\/04\/ethereum-price-recovers-ground-but-upsides-might-be-limited-above-2300\/","title":{"rendered":"Ethereum Price Recovers Ground But Upsides Might Be Limited Above $2,300"},"content":{"rendered":"

Ethereum price tumbled and spiked below $2,000 on Kraken. ETH is now recovering above the $2,200 level, but the bears might be active near $2,300.<\/em><\/p>\n

Ethereum started a major decline and dived below the $2,200 support.
\nThe price is trading below $2,300 and the 100-hourly Simple Moving Average.
\nThere is a connecting bearish trend line forming with resistance near $2,300 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could continue to rise if there is a clear move above $2,290 and $2,300.<\/p>\n

Ethereum Price Nosedives<\/h2>\n

Ethereum price struggled to settle above the $2,400 resistance zone. ETH also started a major decline like Bitcoin<\/a> and broke the $2,200 support zone.<\/p>\n

There was a sharp decline and the price even spiked below the $2,000 support zone. A new yearly low was formed near $1,860 and the price is now recovering losses. There was a decent increase above the $2,000 and $2,080 resistance levels.<\/p>\n

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<\/a>.<\/p>\n

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

<\/a><\/p>\n

Source: ETHUSD on TradingView.com<\/a><\/p>\n

A close above the $2,300 resistance could send the price toward $2,400. The next key resistance is near $2,440. If there is a clear move above $2,400, there could be a drift toward $2,500. The next resistance sits at $2,500, above which Ethereum might rally and test the $2,620 zone.<\/p>\n

Fresh Decline in ETH?<\/h2>\n

If Ethereum fails to clear the $2,300 resistance, it could start a fresh decline. Initial support on the downside is near the $2,200 level.<\/p>\n

The first key support could be the $2,080 zone. A downside break and a close below $2,080 might start another steady decline. In the stated case, Ether could test the $2,000 support. Any more losses might send the price toward the $1,860 level.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is regaining momentum in the bullish zone.<\/p>\n

Hourly RSI \u2013 <\/strong>The RSI for ETH\/USD is now above the 50 level.<\/p>\n

Major Support Level \u2013 $2,180<\/p>\n

Major Resistance Level \u2013 $2,300<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum price tumbled and spiked below $2,000 on Kraken. ETH is now recovering above the $2,200 level, but the bears might be active near $2,300.<\/em><\/p>\n

Ethereum started a major decline and dived below the $2,200 support.
\nThe price is trading below $2,300 and the 100-hourly Simple Moving Average.
\nThere is a connecting bearish trend line forming with resistance near $2,300 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could continue to rise if there is a clear move above $2,290 and $2,300.<\/p>\n

Ethereum Price Nosedives<\/h2>\n

Ethereum price struggled to settle above the $2,400 resistance zone. ETH also started a major decline like Bitcoin<\/a> and broke the $2,200 support zone.<\/p>\n

There was a sharp decline and the price even spiked below the $2,000 support zone. A new yearly low was formed near $1,860 and the price is now recovering losses. There was a decent increase above the $2,000 and $2,080 resistance levels.<\/p>\n

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<\/a>.<\/p>\n

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

<\/a><\/p>\n

Source: ETHUSD on TradingView.com<\/a><\/p>\n

A close above the $2,300 resistance could send the price toward $2,400. The next key resistance is near $2,440. If there is a clear move above $2,400, there could be a drift toward $2,500. The next resistance sits at $2,500, above which Ethereum might rally and test the $2,620 zone.<\/p>\n

Fresh Decline in ETH?<\/h2>\n

If Ethereum fails to clear the $2,300 resistance, it could start a fresh decline. Initial support on the downside is near the $2,200 level.<\/p>\n

The first key support could be the $2,080 zone. A downside break and a close below $2,080 might start another steady decline. In the stated case, Ether could test the $2,000 support. Any more losses might send the price toward the $1,860 level.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is regaining momentum in the bullish zone.<\/p>\n

Hourly RSI \u2013 <\/strong>The RSI for ETH\/USD is now above the 50 level.<\/p>\n

Major Support Level \u2013 $2,180<\/p>\n

Major Resistance Level \u2013 $2,300<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-34744","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34744","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=34744"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34744\/revisions"}],"predecessor-version":[{"id":34753,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34744\/revisions\/34753"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=34744"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=34744"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=34744"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}