Ethereum

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/ethereums-market-struggle-a-recent-downturn-and-recovery-efforts/" data-wpel-link="internal">Ethereum’s Market Struggle: A Recent Downturn and Recovery Efforts</a><br></p>
<p style="text-align: justify">The recent downturn in the crypto market continues to be a topic of discussion. This decline, felt more in altcoins, caused <a href="https://en.coin-turk.com/crypto-whale-invests-48-million-in-ethereum-amidst-etf-anticipation/" data-wpel-link="internal">Ethereum</a> to experience a 3% drop. <strong>Ethereum</strong> (ETH) faces a volatile trajectory while testing significant support levels and grappling with potential recovery waves.</p> 
<h2 style="text-align: justify" id="a-brief-look-at-ethereum-s-recent-performance">A Brief Look at Ethereum’s Recent Performance</h2> 
<p style="text-align: justify">Ethereum’s price recently faced challenges as it increased its losses, reaching the $2,300 support threshold. However, <strong>ETH</strong> is currently trying to initiate a recovery wave beyond the $2,340 level, considering a potential test at $2,390.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-306035 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/01/ethereum-eth-cointurk.png" alt="" width="1273" height="552"></p> 
<p style="text-align: justify">At this stage, <strong>Ethereum</strong> started a downward spiral, surpassing the $2,420 and $2,400 levels. The price is currently below $2,400 and the critical 100-hour Simple Moving Average. Notably, a break above a connected declining trend line offered a glimmer of hope for a potential reversal. This trend line, with resistance around $2,340, has become a significant focal point.</p> 
<h2 style="text-align: justify" id="upside-possibilities">Upside Possibilities</h2> 
<p style="text-align: justify">Ethereum’s recovery battle includes overcoming barriers at $2,390 and $2,400. A breakthrough beyond these levels could set the stage for a significant rise. The %50 Fib retracement level at $2,390 followed by the main resistance at $2,400 poses immediate challenges. Surpassing these barriers could propel ETH towards the $2,480 level, indicating a positive trajectory.</p> 
<p style="text-align: justify">Ethereum’s journey doesn’t end here. A close above the $2,500 resistance level could open the doors for another steady increase. If the bulls continue, <strong>Ethereum</strong> could target the $2,650 region, signaling a more robust recovery.</p> 
<h2 style="text-align: justify" id="downside-risks">Downside Risks</h2> 
<p style="text-align: justify">If Ethereum encounters obstacles at the $2,390 resistance, a potential decline could emerge. The first support is at $2,320 followed by a critical level at $2,300. A breach below $2,300 could trigger further downward movement by testing the $2,250 support. Additional losses could see <strong>ETH</strong> approaching the $2,200 level.</p> 
<p style="text-align: justify">The hourly <strong>MACD</strong> for ETH/USD indicates a decreasing momentum in the bearish zone, pointing to cautious market sentiment. At the same time, the hourly RSI for ETH/USD is currently below the 50 level, emphasizing the need for caution when assessing potential market changes. The key levels to watch are the support level at $2,300 and the resistance level at $2,390.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/ethereums-market-struggle-a-recent-downturn-and-recovery-efforts/" data-wpel-link="internal">Ethereum’s Market Struggle: A Recent Downturn and Recovery Efforts</a></h5>

Ethereum’s Market Struggle: A Recent Downturn and Recovery Efforts

Table of Contents

COINTURK NEWS

Other articles published on Jan 23, 2024

Why is crypto down today? The GBTC selloff

Lawmaker Questions Meta’s Crypto Trademark Filings – Here’s Why

Crypto Analyst Reveals Top Altcoins To Buy Amid Market Slump

Killer Robots Don’t Exist, But This AI Threat is Very Real

What Could This Correction Mean For Ethereum Price In Q1 2024?

Bitcoin Price Prediction: BTC Plunges 4% To Below $40K, But The Bitcoin Minetrix Presale Has Rock...

Join our free newsletter for daily crypto updates!