{"id":35555,"date":"2024-01-29T05:53:38","date_gmt":"2024-01-29T09:53:38","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=35555"},"modified":"2024-01-29T05:53:38","modified_gmt":"2024-01-29T09:53:38","slug":"ethereum-price-recovery-faces-major-barrier-can-bulls-overcome-bears","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2024\/01\/29\/ethereum-price-recovery-faces-major-barrier-can-bulls-overcome-bears\/","title":{"rendered":"Ethereum Price Recovery Faces Major Barrier, Can Bulls Overcome Bears?"},"content":{"rendered":"

Ethereum price is attempting a recovery wave above the $2,240 zone. ETH could gain bullish momentum if it clears the $2,300 resistance zone.<\/em><\/p>\n

Ethereum started an upside correction above the $2,200 zone.
\nThe price is trading above $2,240 and the 100-hourly Simple Moving Average.
\nThere was a break above a connecting bearish trend line with resistance near $2,265 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair might start a steady increase if it clears the $2,300 resistance zone.<\/p>\n

Ethereum Price Regains Strength<\/h2>\n

Ethereum price formed a base and started a recovery wave above the $2,220 resistance zone<\/a>. ETH cleared the $2,240 resistance zone like Bitcoin<\/a> to move into a short-term bullish zone.<\/p>\n

However, the bears were active near the $2,300 zone. A high was formed at $2,307 before there was a pullback. The price declined below the $2,280 level. It broke the 23.6% Fib retracement level of the recovery wave from the $2,170 swing low to the $2,307 low.<\/p>\n

The bulls are now active above the $2,240 support and the 50% Fib retracement level of the recovery wave from the $2,170 swing low to the $2,307 low. Recently, there was a break above a connecting bearish trend line with resistance near $2,265 on the hourly chart of ETH\/USD.<\/p>\n

Ethereum is now trading above $2,240 and the 100-hourly Simple Moving Average. On the upside, the first major resistance is near the $2,280 level. The next major resistance is near $2,300, above which the price might rise and test the $2,350 resistance.<\/p>\n

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

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

If the bulls push the price above the $2,350 resistance, they could aim for $2,420. A clear move above the $2,420 level might start a decent increase. In the stated case, the price could rise toward the $2,550 level.<\/p>\n

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

If Ethereum fails to clear the $2,300 resistance, it could start another decline. Initial support on the downside is near the $2,240 level.<\/p>\n

The next key support could be the $2,220 zone. A daily close below the $2,220 support might start another major decline. In the stated case, Ether could test the $2,170 support. Any more losses might send the price toward the $2,120 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 $2,220<\/p>\n

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

<\/p>\n

Ethereum price is attempting a recovery wave above the $2,240 zone. ETH could gain bullish momentum if it clears the $2,300 resistance zone.<\/em><\/p>\n

Ethereum started an upside correction above the $2,200 zone.
\nThe price is trading above $2,240 and the 100-hourly Simple Moving Average.
\nThere was a break above a connecting bearish trend line with resistance near $2,265 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair might start a steady increase if it clears the $2,300 resistance zone.<\/p>\n

Ethereum Price Regains Strength<\/h2>\n

Ethereum price formed a base and started a recovery wave above the $2,220 resistance zone<\/a>. ETH cleared the $2,240 resistance zone like Bitcoin<\/a> to move into a short-term bullish zone.<\/p>\n

However, the bears were active near the $2,300 zone. A high was formed at $2,307 before there was a pullback. The price declined below the $2,280 level. It broke the 23.6% Fib retracement level of the recovery wave from the $2,170 swing low to the $2,307 low.<\/p>\n

The bulls are now active above the $2,240 support and the 50% Fib retracement level of the recovery wave from the $2,170 swing low to the $2,307 low. Recently, there was a break above a connecting bearish trend line with resistance near $2,265 on the hourly chart of ETH\/USD.<\/p>\n

Ethereum is now trading above $2,240 and the 100-hourly Simple Moving Average. On the upside, the first major resistance is near the $2,280 level. The next major resistance is near $2,300, above which the price might rise and test the $2,350 resistance.<\/p>\n

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

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

If the bulls push the price above the $2,350 resistance, they could aim for $2,420. A clear move above the $2,420 level might start a decent increase. In the stated case, the price could rise toward the $2,550 level.<\/p>\n

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

If Ethereum fails to clear the $2,300 resistance, it could start another decline. Initial support on the downside is near the $2,240 level.<\/p>\n

The next key support could be the $2,220 zone. A daily close below the $2,220 support might start another major decline. In the stated case, Ether could test the $2,170 support. Any more losses might send the price toward the $2,120 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 $2,220<\/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-35555","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\/35555","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=35555"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35555\/revisions"}],"predecessor-version":[{"id":35560,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35555\/revisions\/35560"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=35555"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=35555"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=35555"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}