{"id":35179,"date":"2024-01-17T05:52:49","date_gmt":"2024-01-17T09:52:49","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=35179"},"modified":"2024-01-17T05:52:49","modified_gmt":"2024-01-17T09:52:49","slug":"ethereum-price-grinds-higher-is-this-the-start-bulls-were-waiting-for","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2024\/01\/17\/ethereum-price-grinds-higher-is-this-the-start-bulls-were-waiting-for\/","title":{"rendered":"Ethereum Price Grinds Higher, Is This The Start Bulls Were Waiting For?"},"content":{"rendered":"

Ethereum price is attempting a fresh increase above the $2,550 level. ETH could continue to move up unless there is a drop below the $2,525 support.<\/em><\/p>\n

Ethereum is attempting a fresh increase above the $2,520 level.
\nThe price is trading above $2,520 and the 100-hourly Simple Moving Average.
\nThere is a connecting bullish trend line forming with support at $2,540 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could continue to move up if it clears the $2,600 and $2,620 resistance levels.<\/p>\n

Ethereum Price Holds Support<\/h2>\n

Ethereum price remained well-supported above the $2,450 level. ETH outperformed Bitcoin<\/a> and started a fresh increase above the $2,500 resistance zone.<\/p>\n

There was a move above the $2,550 resistance and the 100-hourly Simple Moving Average. The price even broke the $2,600 level before the bears appeared. A high is formed near $2,614 and the price is now correcting gains. There was a minor move below the 23.6% Fib retracement level of the upward move from the $2,471 swing low to the $2,614 high.<\/p>\n

Ethereum is still trading above $2,520 and the 100-hourly Simple Moving Average<\/a>. There is also a connecting bullish trend line forming with support at $2,540 on the hourly chart of ETH\/USD. It is close to the 50% Fib retracement level of the upward move from the $2,471 swing low to the $2,614 high.<\/p>\n

On the upside, the price is facing resistance near the $2,600 level. The next major resistance is now near $2,620. A clear move above the $2,620 level might start a decent increase. In the stated case, the price could rise toward the $2,665 level.<\/p>\n

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

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

The main breakout zone is now forming near the $2,710 zone. A close above the $2,710 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

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

If Ethereum fails to clear the $2,620 resistance, it could start another decline. Initial support on the downside is near the $2,550 level and the trend line.<\/p>\n

The next key support could be the $2,500 zone. A downside break below the $2,500 support might send the price further lower. In the stated case, Ether could test the $2,450 support. Any more losses might send the price toward the $2,350 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 above the 50 level.<\/p>\n

Major Support Level \u2013 $2,540<\/p>\n

Major Resistance Level \u2013 $2,620<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum price is attempting a fresh increase above the $2,550 level. ETH could continue to move up unless there is a drop below the $2,525 support.<\/em><\/p>\n

Ethereum is attempting a fresh increase above the $2,520 level.
\nThe price is trading above $2,520 and the 100-hourly Simple Moving Average.
\nThere is a connecting bullish trend line forming with support at $2,540 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could continue to move up if it clears the $2,600 and $2,620 resistance levels.<\/p>\n

Ethereum Price Holds Support<\/h2>\n

Ethereum price remained well-supported above the $2,450 level. ETH outperformed Bitcoin<\/a> and started a fresh increase above the $2,500 resistance zone.<\/p>\n

There was a move above the $2,550 resistance and the 100-hourly Simple Moving Average. The price even broke the $2,600 level before the bears appeared. A high is formed near $2,614 and the price is now correcting gains. There was a minor move below the 23.6% Fib retracement level of the upward move from the $2,471 swing low to the $2,614 high.<\/p>\n

Ethereum is still trading above $2,520 and the 100-hourly Simple Moving Average<\/a>. There is also a connecting bullish trend line forming with support at $2,540 on the hourly chart of ETH\/USD. It is close to the 50% Fib retracement level of the upward move from the $2,471 swing low to the $2,614 high.<\/p>\n

On the upside, the price is facing resistance near the $2,600 level. The next major resistance is now near $2,620. A clear move above the $2,620 level might start a decent increase. In the stated case, the price could rise toward the $2,665 level.<\/p>\n

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

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

The main breakout zone is now forming near the $2,710 zone. A close above the $2,710 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

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

If Ethereum fails to clear the $2,620 resistance, it could start another decline. Initial support on the downside is near the $2,550 level and the trend line.<\/p>\n

The next key support could be the $2,500 zone. A downside break below the $2,500 support might send the price further lower. In the stated case, Ether could test the $2,450 support. Any more losses might send the price toward the $2,350 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 above the 50 level.<\/p>\n

Major Support Level \u2013 $2,540<\/p>\n

Major Resistance Level \u2013 $2,620<\/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-35179","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\/35179","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=35179"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35179\/revisions"}],"predecessor-version":[{"id":35185,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35179\/revisions\/35185"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=35179"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=35179"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=35179"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}