{"id":35633,"date":"2024-01-31T10:52:38","date_gmt":"2024-01-31T14:52:38","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=35633"},"modified":"2024-01-31T10:52:38","modified_gmt":"2024-01-31T14:52:38","slug":"ethereum-price-trims-gains-but-100-sma-could-trigger-fresh-increase","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2024\/01\/31\/ethereum-price-trims-gains-but-100-sma-could-trigger-fresh-increase\/","title":{"rendered":"Ethereum Price Trims Gains But 100 SMA Could Trigger Fresh Increase"},"content":{"rendered":"

Ethereum price extended its increase above the $2,320 resistance zone. ETH is correcting gains but the 100 hourly SMA might provide support and start a fresh increase.<\/em><\/p>\n

Ethereum started an extended recovery wave above the $2,320 resistance zone.
\nThe price is trading above $2,300 and the 100-hourly Simple Moving Average.
\nThere was a break below a key bullish trend lien with support at $2,325 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair might start a fresh increase if it manages to stay above the $2,300 level.<\/p>\n

Ethereum Price Holds Support<\/h2>\n

Ethereum price remained in a positive zone above the $2,250 resistance zone. ETH cleared the $2,320 resistance to move further into a positive zone, outperforming Bitcoin<\/a>.<\/p>\n

The price traded close to the $2,400 level. A high was formed near $2,390 and the price is now correcting gains. There was a move below the $2,350 level. The price broke the 50% Fib retracement level of the upward move from the $2,235 swing low to the $2,390 high.<\/p>\n

Besides, there was a break below a key bullish trend lien with support at $2,325 on the hourly chart of ETH\/USD. However, Ethereum is still above $2,300 and the 100-hourly Simple Moving Average<\/a>.<\/p>\n

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

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

On the upside, the first major resistance is near the $2,325 level. The next major resistance is near $2,350, above which the price might rise and test the $2,400 resistance. If the bulls push the price above the $2,400 resistance, they could aim for $2,450. A clear move above the $2,450 level might send the price further higher. In the stated case, the price could rise toward the $2,550 level.<\/p>\n

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

If Ethereum fails to clear the $2,325 resistance, it could continue to move down. Initial support on the downside is near the $2,300 level and the 100 hourly SMA.<\/p>\n

The next key support could be the $2,295 zone or the 61.8% Fib retracement level of the upward move from the $2,235 swing low to the $2,390 high. A daily close below the $2,295 support might start another steady decline. In the stated case, Ether could test the $2,200 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 gaining momentum in the bearish zone.<\/p>\n

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

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

Major Resistance Level \u2013 $2,325<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum price extended its increase above the $2,320 resistance zone. ETH is correcting gains but the 100 hourly SMA might provide support and start a fresh increase.<\/em><\/p>\n

Ethereum started an extended recovery wave above the $2,320 resistance zone.
\nThe price is trading above $2,300 and the 100-hourly Simple Moving Average.
\nThere was a break below a key bullish trend lien with support at $2,325 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair might start a fresh increase if it manages to stay above the $2,300 level.<\/p>\n

Ethereum Price Holds Support<\/h2>\n

Ethereum price remained in a positive zone above the $2,250 resistance zone. ETH cleared the $2,320 resistance to move further into a positive zone, outperforming Bitcoin<\/a>.<\/p>\n

The price traded close to the $2,400 level. A high was formed near $2,390 and the price is now correcting gains. There was a move below the $2,350 level. The price broke the 50% Fib retracement level of the upward move from the $2,235 swing low to the $2,390 high.<\/p>\n

Besides, there was a break below a key bullish trend lien with support at $2,325 on the hourly chart of ETH\/USD. However, Ethereum is still above $2,300 and the 100-hourly Simple Moving Average<\/a>.<\/p>\n

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

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

On the upside, the first major resistance is near the $2,325 level. The next major resistance is near $2,350, above which the price might rise and test the $2,400 resistance. If the bulls push the price above the $2,400 resistance, they could aim for $2,450. A clear move above the $2,450 level might send the price further higher. In the stated case, the price could rise toward the $2,550 level.<\/p>\n

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

If Ethereum fails to clear the $2,325 resistance, it could continue to move down. Initial support on the downside is near the $2,300 level and the 100 hourly SMA.<\/p>\n

The next key support could be the $2,295 zone or the 61.8% Fib retracement level of the upward move from the $2,235 swing low to the $2,390 high. A daily close below the $2,295 support might start another steady decline. In the stated case, Ether could test the $2,200 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 gaining momentum in the bearish zone.<\/p>\n

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

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

Major Resistance Level \u2013 $2,325<\/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-35633","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\/35633","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=35633"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35633\/revisions"}],"predecessor-version":[{"id":35641,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35633\/revisions\/35641"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=35633"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=35633"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=35633"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}