Ethereum

2024

Bitcoin

April

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Major cryptocurrencies began the week lower as investors continued to be concerned about the <a href="https://u.today/bitcoin-price-action-explained-heres-real-reason-why-btc-dipped-after-etf-approval">Bitcoin price</a> drop, thus seemingly reducing their exposure to the broader market in expectation of lower pricing.
Ethereum, the second-largest cryptocurrency by market value, fell 2.66% in the last 24 hours to $2,408, mirroring the overall market trend.
Since reaching a high of $2717 on Jan. 12, <a href="https://u.today/dormant-ethereum-eth-whale-revives-to-take-this-first-action-as-market-drops">Ethereum</a> has steadily declined, bringing it to a crucial demand zone that remains decisive for its short-term price action.
According to<a href="https://twitter.com/ali_charts/status/1749197673838604379"> Ali</a>, a crypto analyst, ETH is currently in a key demand zone, ranging between $2,388 and $2,460. If this support holds strong, there seems to be a clear path ahead with minimal resistance, offering the potential for upward movement.
<blockquote>
 <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw">#Ethereum</a> Market Update: <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> is currently in a key demand zone, ranging between $2,388 and $2,460. If this support holds strong, there's a clear path ahead with minimal resistance, offering a potential for upward movement.⚠️ However, if <a href="https://twitter.com/hashtag/ETH?src=hash&amp;ref_src=twsrc%5Etfw">#ETH</a> fails to maintain this level, we… <a href="https://t.co/F0HfyrSdGF">pic.twitter.com/F0HfyrSdGF</a>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1749197673838604379?ref_src=twsrc%5Etfw">January 21, 2024</a>
</blockquote> 
However, a bearish scenario could unfold if ETH fails to hold above this crucial support level. Ali states that if ETH fails to maintain this level, a pullback to the next significant support area of around $2,000 might occur.
A trip to around $2,000 would mean a 17% drop from the current price of $2,408. The next major support below $2,000 is the daily Simple Moving Average (SMA) 200, which is currently at $1,923.
A breach of this level could open the doors for more losses, possibly toward the $1,800 and $1,700 levels. Meanwhile, the daily SMA 50 level at $2,338 might seek to curtail losses in the immediate term.
On the other hand, if ETH sees a reversal from its current declines and bounces off the $2,388 and $2,460 support zones, it could resume its uptrend and target the $2,614 level again.
A successful break above this level could pave the way for a rally toward the $2,717 and $2,900 levels, where the coin faces the next hurdles. The ultimate target for bulls is to reclaim the $3,000 psychological level last reached in April 2022.

Ethereum (ETH) Risks Trip to $2,000 If This Level Falters: Details

U_Today

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