{"id":35698,"date":"2024-02-02T04:52:36","date_gmt":"2024-02-02T08:52:36","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=35698"},"modified":"2024-02-02T04:52:36","modified_gmt":"2024-02-02T08:52:36","slug":"ethereum-price-stuck-in-range-is-this-bulls-trap-or-technical-correction","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2024\/02\/02\/ethereum-price-stuck-in-range-is-this-bulls-trap-or-technical-correction\/","title":{"rendered":"Ethereum Price Stuck In Range, Is This Bulls Trap or Technical Correction?"},"content":{"rendered":"

Ethereum price is attempting a fresh increase above the $2,280 resistance. ETH could gain bullish momentum if there is a clear move above $2,350.<\/em><\/p>\n

Ethereum is slowly moving higher from the $2,240 support zone.
\nThe price is trading above $2,280 and the 100-hourly Simple Moving Average.
\nThere is a rising channel forming with resistance near $2,320 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair might start a fresh increase if it manages to clear the $2,350 resistance zone.<\/p>\n

Ethereum Price Stuck Below $2,400<\/h2>\n

Ethereum price correction gains and traded below the $2,300 level. However, ETH bulls were active near the $2,240 support zone. A low was formed near $2,241 and the price started an upward move, like Bitcoin<\/a>.<\/p>\n

The price is still moving in a broad range below the $2,400 pivot zone. There was a minor increase above the $2,280 and $2,300 resistance levels<\/a>. The price even tested the 50% Fib retracement level of the downward move from the $2,390 swing high to the $2,241 low.<\/p>\n

Ethereum is now trading above $2,280 and the 100-hourly Simple Moving Average. There is also a rising channel forming with resistance near $2,320 on the hourly chart of ETH\/USD.<\/p>\n

On the upside, the first major resistance is near the $2,315 level. The next major resistance is near $2,320 or the trend line. The next key resistance might be $2,350 or the 76.4% Fib retracement level of the downward move from the $2,390 swing high to the $2,241 low, above which the price might rise and test the $2,400 resistance.<\/p>\n

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

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

If the bulls push the price above the $2,400 resistance, they could aim for $2,480. A clear move above the $2,480 level might send the price further higher. 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 $2,350 resistance, it could start another decline. Initial support on the downside is near the $2,290 level or the 100 hourly SMA.<\/p>\n

The next key support could be the $2,240 zone. A clear move below the $2,240 support might send the price toward $2,200. The main support could be $2,120. Any more losses might send the price toward the $2,080 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 $2,240<\/p>\n

Major Resistance Level \u2013 $2,350<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum price is attempting a fresh increase above the $2,280 resistance. ETH could gain bullish momentum if there is a clear move above $2,350.<\/em><\/p>\n

Ethereum is slowly moving higher from the $2,240 support zone.
\nThe price is trading above $2,280 and the 100-hourly Simple Moving Average.
\nThere is a rising channel forming with resistance near $2,320 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair might start a fresh increase if it manages to clear the $2,350 resistance zone.<\/p>\n

Ethereum Price Stuck Below $2,400<\/h2>\n

Ethereum price correction gains and traded below the $2,300 level. However, ETH bulls were active near the $2,240 support zone. A low was formed near $2,241 and the price started an upward move, like Bitcoin<\/a>.<\/p>\n

The price is still moving in a broad range below the $2,400 pivot zone. There was a minor increase above the $2,280 and $2,300 resistance levels<\/a>. The price even tested the 50% Fib retracement level of the downward move from the $2,390 swing high to the $2,241 low.<\/p>\n

Ethereum is now trading above $2,280 and the 100-hourly Simple Moving Average. There is also a rising channel forming with resistance near $2,320 on the hourly chart of ETH\/USD.<\/p>\n

On the upside, the first major resistance is near the $2,315 level. The next major resistance is near $2,320 or the trend line. The next key resistance might be $2,350 or the 76.4% Fib retracement level of the downward move from the $2,390 swing high to the $2,241 low, above which the price might rise and test the $2,400 resistance.<\/p>\n

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

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

If the bulls push the price above the $2,400 resistance, they could aim for $2,480. A clear move above the $2,480 level might send the price further higher. 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 $2,350 resistance, it could start another decline. Initial support on the downside is near the $2,290 level or the 100 hourly SMA.<\/p>\n

The next key support could be the $2,240 zone. A clear move below the $2,240 support might send the price toward $2,200. The main support could be $2,120. Any more losses might send the price toward the $2,080 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 $2,240<\/p>\n

Major Resistance Level \u2013 $2,350<\/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-35698","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\/35698","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=35698"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35698\/revisions"}],"predecessor-version":[{"id":35707,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35698\/revisions\/35707"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=35698"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=35698"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=35698"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}