Meme coin PEPE navigated a turbulent week, experiencing a 14% price drop but finding solace in rising bullish sentiment and technical indicators pointing towards a potential rebound.

Investor Woes, But Whale Appetite Grows

NewsBTC’s analysis, using data from IntoTheBlock, revealed over 70% of Pepe investors currently sitting on losses, suggesting a challenging week. However, whales saw opportunity in the dip, with Santiment data showing a sharp increase in Pepe holdings by top addresses.

Bullish Buzz Despite Price Slump

Sentiment around Pepe took an interesting turn, defying the price decline. The meme coin’s Weighted Sentiment, tracked since February 1st, witnessed a rise, indicating growing optimism within the community. This positive buzz was further fueled by consistent social media engagement, reflected in high Pepe Volume throughout the week.

Exchange Activity Signals Caution

While whales accumulated, broader market selling sentiment weighed on Pepe. NewsBTC observed a drop in Exchange Outflow, suggesting investors moving their holdings off exchanges for potential selling. Additionally, a drastic increase in Supply on Exchanges coupled with a decrease in Supply outside of Exchanges painted a picture of potential selling pressure in the near future.

Technicals Hint At Reversal

Despite the recent price struggles, Pepe’s daily chart offered some positive signals. The MACD indicator hinted at a potential bullish crossover, suggesting a shift in momentum. The Relative Strength Index (RSI) neared the oversold zone, potentially triggering buying pressure if it enters that territory. The Chaikin Money Flow (CMF) also displayed an uptick, further reinforcing the possibility of a price increase.

Bears are currently attempting to push the price below a crucial support level of $0.0000009. If this level breaks, significant losses could occur, potentially dragging the price down to lows of $0.0000006 seen in September/October 2023, representing a decline of over 30% from current levels.

Community Strength Endures

Despite the market fluctuations, Pepe boasts a strong community presence, with over 154,000 individual holders and active communities on platforms like X (formerly Twitter) and Telegram, exceeding 500,000 followers and 60,000 members respectively.

The outlook for Pepe remains cautiously optimistic. While recent price drops and selling pressure raise concerns, bullish sentiment, technical indicators, and a strong community suggest potential for a reversal.

However, investors should carefully consider both positive and negative factors before making any investment decisions, acknowledging the inherent volatility associated with meme coins.

Featured image from Adobe Stock, chart from TradingView

The Solana blockchain network is currently experiencing an outage, marking its 11th such incident in the past two years. As of the latest updates, Solana’s mainnet-beta has been non-operational for about two hours, with block progression coming to a standstill.

Solana Network Comes To A Standstill

The issue was first noticed when Solscan and OKLink, two prominent block explorers, indicated a lack of new transactions on the network. The last recorded transaction was at 9:52 am UTC. Upbit, a crypto exchange, subsequently announced the suspension of deposits and withdrawals for SOL and several other tokens, citing the ongoing disruption.

Solana’s team acknowledged the situation through an incident report. “Engineers from across the ecosystem are investigating an outage on mainnet-beta,” they stated, confirming the incident but not providing details on the cause.

Engineers from across the ecosystem are investigating an outage on mainnet-beta. This thread will be updated as more information becomes available https://t.co/rfeioQ6BG9

— Solana Status (@SolanaStatus) February 6, 2024

Laine, a blockchain software company and validator for Solana, provided further insights into the technical challenges being faced. “Consensus on the last optimistic slot has been reached at 246464040, validators are on standby for next steps as needed,” Laine explained.

They also mentioned that engineers are working on a potential fix, but it remains uncertain if a coordinated cluster restart will be necessary. “Engineers are building a release containing a remediation, once this has been built and tested further instructions will be released to validators,” the team said.

Adding to the updates, SolanaFloor reported, “UPDATE: Validators have begun generating snapshots using their local ledger state to prepare for a restart. Solana ecosystem Core engineers are still preparing the remediation build release for the outage.”

This incident marks the first outage since February 2023, as per Solana’s status page. Notably, the platform faced multiple outages in 2022 due to node issues, with a significant disruption in September 2021 that lasted nearly 18 hours.

The recurrent outages have drawn criticism from industry experts. Charles Edwards, founder of Capriole Investments, remarked on the decentralization aspect, stating, “Solana’s 11th outage in the last 2 years. This is not what decentralization looks like.”

Buy The SOL Price Dip?

The market response to this latest event has been mixed. Crypto analyst Gumshoe offered a nuanced view, suggesting that while the outage is negative news, it could ironically backfire on those who short the token late:

“Solana down is obviously bad, but nothing new

– All the SOL haters now have a catalyst to short

– We’re in a choppy market, this is a clear trading signal

– Everyone is hungry for money, will revenge trade

This can ironically go very wrong for late shorts”

Pentoshi, another renowned analyst, advised patience, noting that the market is currently consolidating and that investors should not rush into decisions based on the anticipation of constant breakouts:

Market chopsolidating. People trying to catch breakouts on some of these expecting trend continuation daily. […] I don’t think it goes as low as I had shown originally but likely to $75-78 at some point.

At press time, the Solana (SOL) price experienced a slight downtrend following the incident, dropping by as much as 3%. A closer examination of the 1-week SOL/USD chart reveals that the recent setback represents only a minor deviation in the broader market trajectory.

On the upside, the SOL price is currently encountering resistance at the 0.382 Fibonacci retracement level ($107.75). This level serves as a key threshold that could determine the future bullish momentum of SOL. Conversely, on the downside, critical support is found at the 0.236 Fibonacci level, which is valued at $69.6.

ARK Invest Chief Executive Officer (CEO) and Chief Information Officer (CIO) Cathie Wood, has expressed her optimism about Bitcoin’s capabilities to potentially rise above gold, referring to the cryptocurrency as ‘the digital gold.’

Bitcoin Versus Gold

Appearing in a recent interview on ARK Invest’s official YouTube channel, Wood and ARK Invest’s Chief Futurist, Brett Winton, delved into a lengthy discussion about Bitcoin’s historical and most recent price movements in relation to gold. 

Describing Bitcoin as both a “store of value” and a “risk off asset,” Wood emphasized the cryptocurrency’s notable rise, particularly when compared to gold. She shared a chart illustrating a Bitcoin to gold price ratio which revealed a robust and sustained upward trend for Bitcoin. This upward trajectory hints at the possibility of the cryptocurrency overtaking gold as a more valuable investment in the future. 

Wood also discussed Bitcoin’s performance amid past economic crises. She highlighted a historical price pattern observed during the regional bank crisis in March 2023, noting that Bitcoin rose as high as 40% while the regional bank index, represented by KRE, was imploding. 

Currently, the regional bank index is experiencing a similar crisis, and according to Wood, Bitcoin is following the same pattern by maintaining a steady ascent. She attributes this uptrend to the approval and introduction of 11 Spot Bitcoin ETFs into the cryptocurrency market. 

As a result, Wood has categorized Bitcoin as a “flight to safety” investment asset, providing a space for individuals to store their funds against inflation and the effects of the economic crisis.   

Spot Bitcoin ETFs Expected To Fuel Bitcoin Surge

After the approval and launch of Spot Bitcoin ETFs on January 10, 2024, Bitcoin faced an unexpected decline, relinquishing a significant portion of the gains accumulated during the pre-approval excitement. The cryptocurrency dropped from a 2023 all-time high of over $45,000 to below $40,000. 

Wood explained that Bitcoin’s descent after the introduction of ETFs resulted from intense anticipatory buying before the launch of ETFs, with a subsequent “sell on the news” event driven by opportunistic traders.

Looking ahead, the ARK Invest CEO anticipates Bitcoin’s continued rise, propelled by the broader accessibility facilitated by Spot Bitcoin ETFs. She highlighted that Spot Bitcoin ETFs offered an easier and more inclusive avenue to access Bitcoin, attracting substantial inflows into the cryptocurrency as institutional investors actively participate in the market.

Ripple Labs, a leading cryptocurrency payment firm, has been seen moving millions of XRP tokens following the United States Securities and Exchange Commission’s (SEC) recent victory in a legal dispute.

Ripple Moves Millions Of XRP As Price Holds Steady

According to a recent report, Ripple Labs moved a whopping 120 million XRP tokens valued at about $60.8 million. The move has caused quite a stir within the XRP community and heightened sell-off anxiety in the face of increased market volatility.

This comes after the payment firm experienced a legal setback in court on Monday. The SEC’s motion to force Ripple to provide its financial statements for XRP was granted by the Southern US District Court of New York.

It was reported by Bithomp that the aforementioned funds were transferred to a Ripple-related wallet that was used for massive transfers. Data from Bithomp revealed that the wallet address rBg2Fu…uJ4vt5x1o91m moved the funds to a separate wallet address rP4X2hTa7…XvPz7XZ63sKxv3. This indicates that the transaction might include the transfer of such large amounts using other wallets or companies under Ripple’s control.

Furthermore, the transfer might just be connected to Ripple’s payment services. As a result, it will allow banks to utilize XRP to send funds across borders almost instantly and for a minimal cost. 

It is noteworthy that the address that received the funds has transferred a notable portion of the XRP tokens. However, the address still contains about 90 million XRP valued at approximately $45 million.

Bithomp also reported that the firm was seen moving about 53.75 million XRP tokens valued at about $27.5 million. Data from the on-chain platform shows that the wallet address rKveEy…ZsoGMb3PEv transferred the funds to another wallet address rPfSrrKY…R7g1tYzDDJoAys.

The Payment Firm Brings XRP To The US Market

Ripple has announced its plan to transform international payments in the US with XRP and its payment services. According to the firm, they will be introducing “new product updates that will cover the majority of US states.”

These fresh products are going to be powered by its Money Transmitter Licenses (MTLs). Initially, Oliver Segovia, Senior Director and Head of Product Marketing for Payments at Ripple, shared the announcement on Linkedin. 

Segovia explained that although Ripple’s global headquarters is located in the US, 90% of its businesses serve organizations outside. Specifically, he acknowledges that for the last three years, the firm has remained somewhat quiet in the US market.

Despite these developments, XRP’s price has still been down by 5.42% in the past week, holding steady at $0.50. Interestingly, its trading volume has increased by over 25% in the past 24 hours.

Dogecoin, the Shiba Inu-faced cryptocurrency born from a meme, finds itself in an intriguing scenario. Despite a recent 23% price plunge since December, the network is experiencing an unprecedented boom in user adoption, marking a fascinating dichotomy in its current state.

DOGE Frenzy: Wallet Growth Skyrockets 86%

On the bullish side, non-zero wallets, indicating active users holding DOGE, have witnessed a staggering 7.2% growth since January 22nd. This translates to roughly 414,000 new wallets joining the network in just two weeks, representing the fastest growth in Dogecoin’s decade-long history. These new users primarily hold smaller amounts, suggesting potential for future engagement within the ecosystem.

#Dogecoin‘s value is -23% since its top on Dec. 9th. But the #memecoin‘s wallets with >0 $DOGE coins has been growing at the fastest rate in the network’s decade long history. 413.8K new wallets, mostly holding 0.001-1 $DOGE, have been added in 2 weeks. https://t.co/GjDghuB9H9 pic.twitter.com/l6Pv0KvkKW

— Santiment (@santimentfeed) February 6, 2024

Furthermore, Dogecoin adoption has skyrocketed by a mind-boggling 86% in the past week, with over 890,000 new addresses appearing on the blockchain, analysts at IntoTheBlock disclosed.

Analysts attribute this surge to several factors, including the revival of “Doginals” (NFTs on the Dogecoin chain), the recent release of the iconic game Doom on the Dogecoin blockchain, and the growing popularity of Xpayments, a platform enabling DOGE transactions in the real world.

Dogecoin’s Challenge: Balancing Growth And Stability

This price volatility highlights a key challenge for Dogecoin: balancing user growth with sustainable value appreciation. While the increasing user base indicates potential for future adoption, the lack of diverse use cases and inherent inflationary nature might hinder long-term price stability. Unlike Bitcoin with its capped supply, Dogecoin has an inflationary model, meaning new coins are continuously created, potentially impacting its value.

Major Backers For The Meme Coin

Meanwhile, SpaceX – the leading private space exploration company – threw its weight behind Dogecoin by accepting it as payment for the rescheduled DOGE-1 Moon mission. This endorsement not only adds legitimacy to the meme coin but also injects a dose of excitement into the community.

Geometric Energy Corporation, the mission’s sponsor, revealed they paid SpaceX in DOGE to secure a new launch date following a delay. While the exact timing remains shrouded in mystery, the news has undoubtedly bolstered community sentiment.

However, amidst the user boom, Dogecoin’s price performance paints a contrasting picture. As of February 6th, DOGE is trading at $0.078, reflecting a 0.3% decrease in the last 24 hours and a 3.48% decline over the past week. This dip extends to a 2.77% loss for the month, marking a significant drop from its December peak.

Featured image from Adobe Stock, chart from TradingView

In a technical analysis, crypto analyst Dark Defender has provided a bullish perspective on the XRP price action, indicating that the cryptocurrency is on the cusp of a potential breakout. The analysis presented is based on a daily chart that encapsulates several advanced technical indicators and theories.

Why A XRP Price Breakout Is Imminent

The core of Dark Defender’s analysis is the completion of a five-wave corrective structure, as posited by Elliott Wave Theory. This theory suggests that markets move in repetitive cycles, with the five-wave pattern indicating a correction following a larger trend.

In XRP’s case, the waves numbered (1) to (5) illustrate a complete correction within a larger bullish context. The implication is that the completion of this pattern could lead to the start of an impulsive, upward wave sequence.

Dark Defender points to the critical support level at $0.4623, a value derived from Fibonacci retracement analysis. Fibonacci retracements are based on the idea that markets will retrace a predictable portion of a move, after which they will continue to move in the original direction. The $0.4623 level appears to be a strong area of buyer interest, representing a potential reversal zone.

On the resistance side, two levels are highlighted. The first is set at $0.5286, which is the 50% retracement level from the previous high. This price point acts as an interim hurdle for XRP’s price, serving as a barometer for short-term sentiment. A more significant resistance is noted at the 70.2% Fibonacci level of $0.6649. A break above this level could be a strong indication of bullish momentum and may attract further buying interest.

The chart also incorporates the Ichimoku Cloud, which is currently acting as dynamic resistance. The Ichimoku Cloud is a multifaceted indicator that provides information on support and resistance, trend direction, momentum, and buy or sell signals. A decisive breakout above the cloud would suggest a change in trend favoring the bulls.

Remarkably, the Ichimoku Cloud aligns with a descending trend line (red line). A break above both indicators could spell strong bullish momentum.

Another compelling aspect of the analysis is the RSI breakout and subsequent retest. The RSI is a momentum oscillator used to identify overbought or oversold conditions. In XRP’s case, the RSI had previously been in a downtrend, indicating persistent selling pressure. However, the recent ‘break and back test’ pattern in the RSI, where the price breaks through a resistance level and then retests it as support, demonstrates a potential shift in momentum from bearish to bullish.

Dark Defender’s analysis indicates that the combination of a completed corrective structure, a supportive RSI movement, and the challenge of key Fibonacci levels suggests that XRP is primed for an upward trajectory. His closing statement, “And come on, XRP, it is time for you to Move!” encapsulates the anticipation of a bullish phase for XRP in the near future.

At press time, XRP traded at $0.50261.

Bitcoin (BTC), the largest cryptocurrency in the market, has seen its price hover between $42,000 and $43,000, halting its recovery from the dip below $38,500. 

With the upcoming halving event scheduled for April, market experts and crypto analysts such as Rekt Capital are observing historical patterns that suggest an interesting price action scenario, potentially igniting another significant price surge for Bitcoin.

Pre-Halving Rally For Bitcoin Imminent? 

Rekt Capital, known for its expertise in analyzing market trends, highlights the significance of historical patterns about previous halving events. These patterns reveal a consistent trend of substantial rallies leading up to the halving, followed by a short period of correction and consolidation before a major bull run and peak.

According to Rekt Capital, Bitcoin should commence its Pre-Halving Rally as early as next week if history indicates. 

This rally, driven by investors “buying the hype” in anticipation of the halving, aims to capitalize on the price surge and realize profits by “selling the news.” Short-term traders and speculators often exploit this hype-driven rally and sell their positions.

The subsequent selling pressure contributes to a phenomenon known as the pre-halving retrace. This retrace typically occurs a couple of weeks before the actual halving event. 

In previous halving cycles, the pre-halving retrace reached depths of -38% in 2016 and -20% in 2020. It is worth noting that this phase can last for several weeks, introducing uncertainty among investors regarding whether the halving will act as a bullish catalyst for Bitcoin’s price.

Overall, the historical patterns observed by Rekt Capital point to the possibility of a pre-halving rally in the coming weeks, followed by a correction period known as the pre-halving retrace. 

While past performance is no guarantee of future results, these historical trends provide valuable guidance on how the price of Bitcoin may perform in the coming weeks and days before the halving.

Long-Term Holder Support And ETF Buying Pressure

Despite expected short-term gains for BTC, Crypto Con has recently drawn attention to a historical trend in the Bitcoin market. According to Crypto Con, no Bitcoin cycle has ever escaped a retest of the 150% long-term holder support line. 

According to the analyst, this line has acted as a crucial level of support during various market cycles. Even during the unprecedented black swan event and subsequent recovery in 2020, the price retested this line as support.

By analyzing this metric, Crypto Con suggests that based on historical patterns, Bitcoin’s price may need approximately $31,300 to retest the long-term holder support line. 

The anticipated impact of ETF buying pressure on Bitcoin’s price is counterbalancing the argument for further corrections. Introducing ETFs (Exchange-Traded Funds) into the cryptocurrency market is a relatively new development. As such, the effects of ETF inflows on Bitcoin’s price remain to be seen and are a subject of ongoing observation.

While the potential retest of the long-term holder support line may create temporary price fluctuations, proponents of Bitcoin as an investment opportunity view such a scenario as a buying opportunity. 

Ultimately, Crypto Con believes that those who believe in the long-term prospects of Bitcoin may choose to take advantage of any price dips resulting from a retest of support.

BTC trades at $42,800, up a slight 0.4% in the past 24 hours as of this writing. 

Featured image from Shutterstock, chart from TradingView.com 

UNI price is moving higher from the $6.00 support. Uniswap is up 5% and it could rally if there is a clear move above the $6.35 resistance zone.

UNI started a fresh increase from the $5.50 support zone.
The price is trading above $6.00 and the 100 simple moving average (4 hours).
There is a key bearish trend line forming with resistance near $6.20 on the 4-hour chart of the UNI/USD pair (data source from Kraken).
The pair is showing bullish signs and might rally if it clears the $6.35 resistance.

UNI Price Aims Higher

After forming a support base above $5.65, UNI started a fresh increase. There was a decent upward move in Uniswap above the $6.00 and $6.20 resistance levels.

However, the bears were active near the $6.35 zone. A high was formed at $6.33 before there was a downside correction. The price declined below the $6.20 level. There was a move below the 23.6% Fib retracement level of the upward move from the $5.53 swing low to the $6.33 high.

It tested the $6.00 support and the 50% Fib retracement level of the upward move from the $5.53 swing low to the $6.33 high. Uniswap is rising again above the $6.10 level, outperforming Bitcoin and Ethereum.

UNI price is trading above $6.00 and the 100 simple moving average (4 hours). Immediate resistance on the upside is near the $6.20 level. There is also a key bearish trend line forming with resistance near $6.20 on the 4-hour chart of the UNI/USD pair.

Source: UNIUSD on TradingView.com

The next key resistance is near the $6.35 level. A close above the $6.35 level could open the doors for more gains in the near term. The next key resistance could be near $7.00, above which the bulls are likely to aim a test of the $7.20 level. Any more gains might send UNI toward $7.50.

Dips Supported in Uniswap?

If UNI price fails to climb above $6.20 or $6.35, it could start another downside correction. The first major support is near the $6.00 level.

The next major support is near the $5.85 level. A downside break below the $5.85 support might open the doors for a push toward $5.50.

Technical Indicators

4-Hours MACD – The MACD for UNI/USD is gaining momentum in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for UNI/USD is above the 50 level.

Major Support Levels – $6.00, $5.85 and $5.50.

Major Resistance Levels – $6.20, $6.35 and $7.00.

A notable figure in the crypto sphere, Blockstream CEO Adam Back, recently highlighted the potential for Bitcoin to rise to $100,000 with a compelling visual metaphor.

Halving To Drive Bitcoin To $100,000

Back, whose work was acknowledged by Satoshi Nakamoto in the Bitcoin whitepaper, posted an image of a car’s side mirror with a text reading “$100k BTC.”

Accompanied by the caption “laser ray ’til halving day Bitcoin,” this post has sparked a wave of optimism within the community. The mirror warning image suggests that Bitcoin reaching $100,000 might be closer than it appears, a sentiment echoed by many anticipating the next halving event.

laser ray ’til halving day #bitcoin @CedYoungelman pic.twitter.com/wj1QbNrPQH

— Adam Back (@adam3us) February 5, 2024

Bitcoin halving, a fundamental aspect of its design, is an event that occurs approximately every four years, halving the reward for mining new blocks. This mechanism reduces the rate at which new BTCs are created, effectively limiting the supply and often leading to bullish market sentiment.

Historically, halving events have been precursors to substantial price increases in Bitcoin’s value, as the reduced supply heightens investor demand. The anticipation of these market movements often creates a flurry of activity and speculation, contributing to price volatility in the months leading up to and following a halving.

Crypto analysts and enthusiasts closely watch these cycles, speculating on the potential impacts each halving might have. The consensus is that these events create a scarcity effect, potentially driving up Bitcoin’s value as the supply of new coins diminishes.

Analysts Weigh In On Bitcoin’s Future Trajectory

Amid this backdrop of halving anticipation, several analysts have offered insights into Bitcoin’s future price trajectory. Crypto analyst Michaël van de Poppe has shared his perspective, suggesting that Bitcoin might experience range-bound trading in the coming months.

Van de Poppe predicts a possible climb towards $48,000 pre-halving, followed by a consolidation period before a breakout towards a new all-time high in the latter half of 2024.

#Bitcoin stuck in a range, markets are in an equilibrium.

I’d be looking at the range-bound construction for the coming months.

Pre-halving a final run towards $48K, after that consolidation, before the breakout towards an ATH in Q3/Q4 of 2024. pic.twitter.com/jZznulSiwJ

— Michaël van de Poppe (@CryptoMichNL) February 5, 2024

Similarly, renowned crypto hedge fund manager Charles Edwards of Capriole Investments has put forth an even more ambitious forecast. Edwards anticipates Bitcoin reaching $280,000 in the upcoming year, a prediction aligning with the bullish sentiment prevalent in parts of the crypto community.

If Bitcoin’s post Halving returns are the same as 2020, we are looking at $280K Bitcoin next year.

You might reasonably argue this cycle’s returns are less than 2020.

However, I believe the 2020 cycle performance was mediocre and an outlier. pic.twitter.com/pzOkAd0ORm

— Charles Edwards (@caprioleio) February 5, 2024

However, the current market paints a more tempered picture. Bitcoin has been between $43,000 and $42,000 over the past week, exhibiting a modest 5.4% increase over the last two weeks. Despite this, the asset’s current price has shown a slight downturn, with a market price hovering around $42,657, down by nearly 1% in the past day.

Featured image from Unsplash, chart from TradingView

Ethereum price is consolidating above the $2,250 zone. ETH could start a decent increase if it clears the $2,340 and $2,380 resistance levels.

Ethereum is struggling to gain pace for a move above the $2,350 zone.
The price is trading above $2,300 and the 100-hourly Simple Moving Average.
There is a short-term rising channel forming with resistance near $2,350 on the hourly chart of ETH/USD (data feed via Kraken).
The pair might start a fresh increase if it manages to clear the $2,350 resistance zone.

Ethereum Price Eyes Fresh Increase

Ethereum price remained in a range below the $2,350 resistance zone. ETH traded lower below $2,320, but the bulls were active near the $2,280 support zone.

A low was formed near $2,282 and the price is now attempting a fresh increase in a range, like Bitcoin. There was a move above the $2,300 resistance zone and the 100-hourly Simple Moving Average. The price even cleared the 61.8% Fib retracement level of the recent decline from the $2,334 swing high to the $2,282 low.

Ethereum is now trading above $2,300 and the 100-hourly Simple Moving Average. There is also a short-term rising channel forming with resistance near $2,350 on the hourly chart of ETH/USD.

On the upside, the first major resistance is near the $2,325 level or the 76.4% Fib retracement level of the recent decline from the $2,334 swing high to the $2,282 low. The next major resistance is near $2,350, above which the price might rise and test the $2,380 resistance.

Source: ETHUSD on TradingView.com

If the bulls push the price above the $2,380 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 $2,500 level.

Another Decline in ETH?

If Ethereum fails to clear the $2,350 resistance, it could start another decline. Initial support on the downside is near the $2,280 level and the channel trend line.

The next key support could be the $2,240 zone. A clear move below the $2,240 support might send the price toward $2,180. The main support could be $2,120. Any more losses might send the price toward the $2,040 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 level.

Major Support Level – $2,240

Major Resistance Level – $2,350