{"id":35099,"date":"2024-01-15T05:52:35","date_gmt":"2024-01-15T09:52:35","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=35099"},"modified":"2024-01-15T05:52:35","modified_gmt":"2024-01-15T09:52:35","slug":"ethereum-price-faces-crucial-test-will-2440-withstand-the-pressure","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2024\/01\/15\/ethereum-price-faces-crucial-test-will-2440-withstand-the-pressure\/","title":{"rendered":"Ethereum Price Faces Crucial Test: Will $2,440 Withstand the Pressure?"},"content":{"rendered":"

Ethereum price struggled to clear $2,720 and corrected gains. ETH is now struggling to stay above the key $2,440 support zone and might extend losses.<\/em><\/p>\n

Ethereum climbed further higher toward $2,720 before the bears appeared.
\nThe price is trading below $2,550 and the 100-hourly Simple Moving Average.
\nThere is a connecting bearish trend line forming with resistance near $2,520 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could start a downside thrust if it breaks the $2,440 support zone.<\/p>\n

Ethereum Price Revisits Support<\/h2>\n

Ethereum price outpaced Bitcoin<\/a> and extended its increase above the $2,550 resistance. ETH even broke the $2,600 zone and spiked above $2,700. Finally, the beards appeared near the $2,720 resistance.<\/p>\n

A new multi-week high was formed near $2,716 before the price corrected gains<\/a>. There was a move below the $2,600 and $2,550 levels. The price declined below the 23.6% Fib retracement level of the upward move from the $2,170 swing low to the $2,716 high.<\/p>\n

Ethereum is now trading below $2,550 and the 100-hourly Simple Moving Average. If there is a fresh increase, the price might face resistance near the $2,520 level. There is also a connecting bearish trend line forming with resistance near $2,520 on the hourly chart of ETH\/USD.<\/p>\n

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

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

The next major resistance is now near $2,585. A clear move above the $2,585 level might send ETH toward $2,650. The main resistance is now forming near the $2,720 level. A close above the $2,720 resistance could push the price further into a bullish zone. The next key resistance is near $2,780. Any more gains might send the price toward the $2,880 zone.<\/p>\n

More Losses in ETH?<\/h2>\n

If Ethereum fails to clear the $2,520 resistance, it could continue to move down. Initial support on the downside is near the $2,440 level or the 50% Fib retracement level of the upward move from the $2,170 swing low to the $2,716 high.<\/p>\n

The next key support could be the $2,350 zone. A downside break below the $2,350 support might send the price further lower. In the stated case, Ether could test the $2,300 support. Any more losses might send the price toward the $2,240 level.<\/p>\n

Technical Indicators<\/p>\n

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

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

Major Support Level \u2013 $2,440<\/p>\n

Major Resistance Level \u2013 $2,585<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum price struggled to clear $2,720 and corrected gains. ETH is now struggling to stay above the key $2,440 support zone and might extend losses.<\/em><\/p>\n

Ethereum climbed further higher toward $2,720 before the bears appeared.
\nThe price is trading below $2,550 and the 100-hourly Simple Moving Average.
\nThere is a connecting bearish trend line forming with resistance near $2,520 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could start a downside thrust if it breaks the $2,440 support zone.<\/p>\n

Ethereum Price Revisits Support<\/h2>\n

Ethereum price outpaced Bitcoin<\/a> and extended its increase above the $2,550 resistance. ETH even broke the $2,600 zone and spiked above $2,700. Finally, the beards appeared near the $2,720 resistance.<\/p>\n

A new multi-week high was formed near $2,716 before the price corrected gains<\/a>. There was a move below the $2,600 and $2,550 levels. The price declined below the 23.6% Fib retracement level of the upward move from the $2,170 swing low to the $2,716 high.<\/p>\n

Ethereum is now trading below $2,550 and the 100-hourly Simple Moving Average. If there is a fresh increase, the price might face resistance near the $2,520 level. There is also a connecting bearish trend line forming with resistance near $2,520 on the hourly chart of ETH\/USD.<\/p>\n

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

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

The next major resistance is now near $2,585. A clear move above the $2,585 level might send ETH toward $2,650. The main resistance is now forming near the $2,720 level. A close above the $2,720 resistance could push the price further into a bullish zone. The next key resistance is near $2,780. Any more gains might send the price toward the $2,880 zone.<\/p>\n

More Losses in ETH?<\/h2>\n

If Ethereum fails to clear the $2,520 resistance, it could continue to move down. Initial support on the downside is near the $2,440 level or the 50% Fib retracement level of the upward move from the $2,170 swing low to the $2,716 high.<\/p>\n

The next key support could be the $2,350 zone. A downside break below the $2,350 support might send the price further lower. In the stated case, Ether could test the $2,300 support. Any more losses might send the price toward the $2,240 level.<\/p>\n

Technical Indicators<\/p>\n

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

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

Major Support Level \u2013 $2,440<\/p>\n

Major Resistance Level \u2013 $2,585<\/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-35099","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\/35099","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=35099"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35099\/revisions"}],"predecessor-version":[{"id":35105,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35099\/revisions\/35105"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=35099"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=35099"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=35099"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}