{"id":35862,"date":"2024-02-07T04:52:35","date_gmt":"2024-02-07T08:52:35","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=35862"},"modified":"2024-02-07T04:52:35","modified_gmt":"2024-02-07T08:52:35","slug":"ethereum-price-faces-big-move-can-bulls-send-eth-to-2500","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2024\/02\/07\/ethereum-price-faces-big-move-can-bulls-send-eth-to-2500\/","title":{"rendered":"Ethereum Price Faces Big Move \u2013 Can Bulls Send ETH To $2,500?"},"content":{"rendered":"

Ethereum price gained traction and climbed above $2,350. ETH is now showing positive signs and might extend gains toward the $2,500 level.<\/em><\/p>\n

Ethereum is gaining bullish momentum above the $2,350 zone.
\nThe price is trading above $2,320 and the 100-hourly Simple Moving Average.
\nThere was a break above a key rising channel forming with resistance near $2,350 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair might correct lower, but dips could be limited below the $2,335 support zone.<\/p>\n

Ethereum Price Turns Green<\/h2>\n

Ethereum price formed a base above the $2,220 level and started a decent increase. ETH outperformed Bitcoin<\/a> and was able to clear a few hurdles near the $2,350 level.<\/p>\n

There was a break above a key rising channel forming<\/a> with resistance near $2,350 on the hourly chart of ETH\/USD. The bulls pumped the pair toward the $2,400 level. A high was formed near $2,389 and the price is now consolidating gains.<\/p>\n

There was a minor decline below the $2,365 level. Ether dipped below the 23.6% Fib retracement level of the recent increase from the $2,282 swing low to the $2,389 high.<\/p>\n

Ethereum is now trading above $2,320 and the 100-hourly Simple Moving Average. On the upside, the first major resistance is near the $2,380 level. The next major resistance is near $2,420, above which the price might rise and test the $2,485 resistance.<\/p>\n

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

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

If the bulls remain in action, they could even pump the price above the $2,550 resistance. In the stated case, the price could rise toward the $2,550 level.<\/p>\n

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

If Ethereum fails to clear the $2,380 resistance, it could start a downside correction. Initial support on the downside is near the $2,350 level and the channel trend line.<\/p>\n

The next key support could be the $2,335 zone or the 50% Fib retracement level of the recent increase from the $2,282 swing low to the $2,389 high. A clear move below the $2,335 support might send the price toward $2,250. The main support could be $2,220. 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 $2,335<\/p>\n

Major Resistance Level \u2013 $2,380<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum price gained traction and climbed above $2,350. ETH is now showing positive signs and might extend gains toward the $2,500 level.<\/em><\/p>\n

Ethereum is gaining bullish momentum above the $2,350 zone.
\nThe price is trading above $2,320 and the 100-hourly Simple Moving Average.
\nThere was a break above a key rising channel forming with resistance near $2,350 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair might correct lower, but dips could be limited below the $2,335 support zone.<\/p>\n

Ethereum Price Turns Green<\/h2>\n

Ethereum price formed a base above the $2,220 level and started a decent increase. ETH outperformed Bitcoin<\/a> and was able to clear a few hurdles near the $2,350 level.<\/p>\n

There was a break above a key rising channel forming<\/a> with resistance near $2,350 on the hourly chart of ETH\/USD. The bulls pumped the pair toward the $2,400 level. A high was formed near $2,389 and the price is now consolidating gains.<\/p>\n

There was a minor decline below the $2,365 level. Ether dipped below the 23.6% Fib retracement level of the recent increase from the $2,282 swing low to the $2,389 high.<\/p>\n

Ethereum is now trading above $2,320 and the 100-hourly Simple Moving Average. On the upside, the first major resistance is near the $2,380 level. The next major resistance is near $2,420, above which the price might rise and test the $2,485 resistance.<\/p>\n

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

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

If the bulls remain in action, they could even pump the price above the $2,550 resistance. In the stated case, the price could rise toward the $2,550 level.<\/p>\n

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

If Ethereum fails to clear the $2,380 resistance, it could start a downside correction. Initial support on the downside is near the $2,350 level and the channel trend line.<\/p>\n

The next key support could be the $2,335 zone or the 50% Fib retracement level of the recent increase from the $2,282 swing low to the $2,389 high. A clear move below the $2,335 support might send the price toward $2,250. The main support could be $2,220. 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 $2,335<\/p>\n

Major Resistance Level \u2013 $2,380<\/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-35862","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\/35862","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=35862"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35862\/revisions"}],"predecessor-version":[{"id":35871,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35862\/revisions\/35871"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=35862"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=35862"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=35862"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}