Ethereum

Convergence

Rally

United

Bitcoin ETF

<img width="1200" height="578" src="https://coingape.com/wp-content/uploads/2024/01/2dHNUbqJ-e1704563367192.png" class="attachment-full size-full wp-post-image" alt="ETH price" decoding="async" style="float:right; margin:0 0 10px 10px;">
For over a month, the second largest cryptocurrency Ethereum(ETH) has been trading sideways resonating between two horizontal levels of $2140 and $2400. Despite a heavy sell-off on January 4th, the ETH price showcased its sustainability above the $2140 support which is above the safety net of 38.2% Fibonacci retracement level. The combined support could offer buyers an opportunity to revive the exhausted bullish momentum and extend the recovery trend. 
<h2 id="b-will-market-correction-push-ethereum-price-below-2000-b">Will Market Correction Push Ethereum Price Below $2000</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">A bullish breakout from $2400 will release the buildup of bullish momentum</li> 
 <li style="font-weight: 400;" aria-level="1">A confluence of several technical levels creates strong support at $2140</li> 
 <li style="font-weight: 400;" aria-level="1">The intraday trading volume in Ether is $10.2 Billion, indicating a 45% gain.</li> 
</ul> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/2/2dHNUbqJ.png" alt="Ethereum Price" width="1946" height="937">
 <figcaption class="wp-caption-text">
 Ethereum Price| TradingView Chart
 </figcaption>
</figure> 
Amid the increasing uncertainty in the crypto market, the <a href="https://coingape.com/price/ethereum/">Ethereum price</a> witnessed another reversal from the $2400 resistance. In the last five days, the coin price plunged 7.5% to currently trade at $2247. 
The buyers are obtaining suitable support at the combined support of $2140 and 38.2% Fibonacci retracement level. Such a degree of correction indicates the buyers continue to have an upper hand over this asset which may result in a stronger bounce back. 
<blockquote>
 Moreover, the U.S. Securities and Exchange Commission (SEC) is showing signs of moving closer to the approval of the <a href="https://coingape.com/bitcoin-etf-approval-in-final-stage-before-secs-19b-4-submissions-report/">first spot Bitcoin exchange-traded funds (ETFs)</a> in the United States. This progress is marked by the submission of amended 19b-4 filings by exchanges that are expected to list these ETFs.
</blockquote> 
With a high possibility of spot Bitcoin approval next week, the newcomers can look for bullish reversal opportunities at $2140 support. A potential bounce back from this support could push the coin price 7% to challenge $2400, whose breakout will better confirm an uptrend continuation. 
The post-breakout rally could surge the ETH price to $2675 and higher. 
<h2 id="span-style-font-weight-400-btc-vs-eth-performance-span">BTC vs ETH Performance</h2> 
<img decoding="async" class="aligncenter size-full wp-image-172654" src="https://coingape.com/wp-content/uploads/2024/01/image_2024-01-06_23-03-40-e1704562774173.png" alt="ETH price" width="1200" height="675">Source: Coingape| Bitcoin Vs Ethereum Price 
In recent market trends, Bitcoin and Ethereum have both shown a pattern of gradual recovery with higher highs and lows. However, the ETH price has somewhat underperformed, evidenced by the formation of a new lower high in its price trajectory. The anticipated approval of a spot Bitcoin ETF is expected to provide a significant boost to Bitcoin’s market sentiment, potentially increasing its appeal to a broader range of investors and strengthening its market position. 
<ul> 
 <li aria-level="1">Exponential Moving Average (EMA): The 20-and-50-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">EMA</a> continues to act as dynamic support to ETH price</li> 
 <li aria-level="1">Moving Average Convergence Divergence: A bearish crossover state <a href="https://coingape.com/glossary/macd-moving-average-convergence-divergnece/">MACD</a>(blue) and signal(orange) reflect a correction mode that is active</li> 
</ul> 
<h3 id="related-article">Related Article:</h3> 
<ul> 
 <li><a href="https://coingape.com/ethereum-price-slips-as-paradigm-dumps-6500-eth-to-coinbase-whats-happening/">Ethereum Price Slips As Paradigm Dumps 6,500 ETH To Coinbase, What’s Happening?</a></li> 
 <li><a href="https://coingape.com/ethereum-eth-metrics-hints-readiness-for-huge-gains-is-2500-possible/">Ethereum (ETH) Metrics Hints Readiness for Huge Gains, Is $2500 Possible?</a></li> 
 <li><a href="https://coingape.com/markets/ethereum-price-prediction-buterins-2024-roadmap-rally-to-5000/">Ethereum Price Prediction: Buterin’s 2024 Roadmap Sparks Rally to $5,000</a></li> 
</ul> 
The post <a href="https://coingape.com/markets/will-ethereum-price-soar-to-2500-support-sets-for-rally/">Will Ethereum Price Soar to $2500? Multiple Support Sets Stage for Relief Rally</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Will Ethereum Price Soar to $2500? Multiple Support Sets Stage for Relief Rally

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