Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert & block trade
Convert crypto with one click and zero fees
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Ethereum Price Trims Gains But 100 SMA Could Trigger Fresh Increase

Ethereum Price Trims Gains But 100 SMA Could Trigger Fresh Increase

Newsbtc-eth2024/02/02 06:28
By:Aayush Jindal

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.

  • Ethereum started an extended recovery wave above the $2,320 resistance zone.
  • The price is trading above $2,300 and the 100-hourly Simple Moving Average.
  • There 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).
  • The pair might start a fresh increase if it manages to stay above the $2,300 level.

Ethereum Price Holds Support

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 .

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.

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 .

Ethereum Price Trims Gains But 100 SMA Could Trigger Fresh Increase image 0

Source: ETHUSD on TradingView.com

 
 

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.

 

More Losses in ETH?

 

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.

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.

 

Technical Indicators

 

Hourly MACDThe MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 level.

Major Support Level – $2,300

Major Resistance Level – $2,325

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!