{"id":35138,"date":"2024-01-16T04:52:58","date_gmt":"2024-01-16T08:52:58","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=35138"},"modified":"2024-01-16T04:52:58","modified_gmt":"2024-01-16T08:52:58","slug":"ethereum-price-rangebound-can-eth-pump-again-to-retest-2700","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2024\/01\/16\/ethereum-price-rangebound-can-eth-pump-again-to-retest-2700\/","title":{"rendered":"Ethereum Price Rangebound \u2013 Can ETH Pump Again To Retest $2,700?"},"content":{"rendered":"

Ethereum price corrected lower and tested the $2,440 support. ETH is now trading in a range and facing hurdles near the $2,550 and $2,585 levels.<\/em><\/p>\n

Ethereum is attempting a fresh increase from the $2,450 level.
\nThe price is trading just above $2,500 and the 100-hourly Simple Moving Average.
\nThere was a break above a connecting bearish trend line with resistance near $2,510 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could gain bullish momentum if it clears the $2,550 and $2,585 resistance levels.<\/p>\n

Ethereum Price Holds Key Support<\/h2>\n

Ethereum price started a downside correction below the $2,620 support zone. ETH even declined below the $2,550 support, but the bulls were active near $2,440. A low was formed near $2,469 and the price is now trading in a range, like Bitcoin<\/a>.<\/p>\n

There was a minor increase above the $2,500 level. The price climbed above the 50% Fib retracement level of the recent decline from the $2,588 swing high to the $2,469 low.<\/p>\n

Besides, there was a break above a connecting bearish trend line<\/a> with resistance near $2,510 on the hourly chart of ETH\/USD. Ethereum is now trading just above $2,500 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $2,540 level or the 61.8% Fib retracement level of the recent decline from the $2,588 swing high to the $2,469 low.<\/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 start a decent increase. In the stated case, the price could rise toward the $2,650 level. The main resistance is now forming near the $2,720 level. A close above the $2,720 resistance could start another major increase. The next key resistance is near $2,780. Any more gains might send the price toward the $2,880 zone.<\/p>\n

Another Drop in ETH?<\/h2>\n

If Ethereum fails to clear the $2,585 resistance, it could start another decline. Initial support on the downside is near the $2,495 level.<\/p>\n

The next key support could be the $2,445 zone. A downside break below the $2,445 support might send the price further lower. In the stated case, Ether could test the $2,380 support. Any more losses might send the price toward the $2,320 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 just above the 50 level.<\/p>\n

Major Support Level \u2013 $2,445<\/p>\n

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

<\/p>\n

Ethereum price corrected lower and tested the $2,440 support. ETH is now trading in a range and facing hurdles near the $2,550 and $2,585 levels.<\/em><\/p>\n

Ethereum is attempting a fresh increase from the $2,450 level.
\nThe price is trading just above $2,500 and the 100-hourly Simple Moving Average.
\nThere was a break above a connecting bearish trend line with resistance near $2,510 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could gain bullish momentum if it clears the $2,550 and $2,585 resistance levels.<\/p>\n

Ethereum Price Holds Key Support<\/h2>\n

Ethereum price started a downside correction below the $2,620 support zone. ETH even declined below the $2,550 support, but the bulls were active near $2,440. A low was formed near $2,469 and the price is now trading in a range, like Bitcoin<\/a>.<\/p>\n

There was a minor increase above the $2,500 level. The price climbed above the 50% Fib retracement level of the recent decline from the $2,588 swing high to the $2,469 low.<\/p>\n

Besides, there was a break above a connecting bearish trend line<\/a> with resistance near $2,510 on the hourly chart of ETH\/USD. Ethereum is now trading just above $2,500 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $2,540 level or the 61.8% Fib retracement level of the recent decline from the $2,588 swing high to the $2,469 low.<\/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 start a decent increase. In the stated case, the price could rise toward the $2,650 level. The main resistance is now forming near the $2,720 level. A close above the $2,720 resistance could start another major increase. The next key resistance is near $2,780. Any more gains might send the price toward the $2,880 zone.<\/p>\n

Another Drop in ETH?<\/h2>\n

If Ethereum fails to clear the $2,585 resistance, it could start another decline. Initial support on the downside is near the $2,495 level.<\/p>\n

The next key support could be the $2,445 zone. A downside break below the $2,445 support might send the price further lower. In the stated case, Ether could test the $2,380 support. Any more losses might send the price toward the $2,320 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 just above the 50 level.<\/p>\n

Major Support Level \u2013 $2,445<\/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-35138","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\/35138","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=35138"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35138\/revisions"}],"predecessor-version":[{"id":35145,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35138\/revisions\/35145"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=35138"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=35138"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=35138"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}