Ethereum

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/ethereums-recent-downturn-and-potential-recovery-path/" data-wpel-link="internal">Ethereum’s Recent Downturn and Potential Recovery Path</a><br></p>
<p style="text-align: justify">The recent downturn in the cryptocurrency world continues to be a topic of discussion, with altcoins experiencing a more pronounced decline, causing <a href="https://en.coin-turk.com/blackrocks-ishares-applies-for-spot-ethereum-etf/" data-wpel-link="internal">Ethereum</a> to suffer a 3% loss. Ethereum (ETH) is facing a volatile trajectory as it tests significant support levels and grapples with potential recovery waves.</p> 
<h2 style="text-align: justify" id="ethereum-s-latest-performance-a-brief-overview">Ethereum’s Latest Performance: A Brief Overview</h2> 
<p style="text-align: justify">Ethereum’s price recently faced challenges as it increased its losses, reaching the $2,300 support threshold. However, ETH is now attempting 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, Ethereum initiated 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 battle for recovery includes overcoming barriers at $2,390 and $2,400. A breakthrough beyond these levels could set the stage for a significant rally. The 50% Fib retracement level at $2,390 and the subsequent main resistance at $2,400 emerge as immediate challenges. Overcoming 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, Ethereum 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 the critical level of $2,300. A breach below $2,300 could trigger further downward movement by testing the $2,250 support. Additional losses could see ETH approaching the $2,200 level.</p> 
<p style="text-align: justify">The hourly MACD for ETH/USD indicates decreasing momentum in the bearish zone, signaling 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 shifts. 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-recent-downturn-and-potential-recovery-path/" data-wpel-link="internal">Ethereum’s Recent Downturn and Potential Recovery Path</a></h5>

Ethereum’s Recent Downturn and Potential Recovery Path

Table of Contents

COINTURK NEWS

Other articles published on Jan 23, 2024

Bitcoin Price Prediction: BTC Plummets 5%, But This Bitcoin Cloud Mining Presale Is Soaring Towar...

Solana’s Active Wallets See Monumental 99% Monthly Growth; Filecoin and Rebel Satoshi on the Verg...

Anticipated Mid-2024 Launch of Bitcoin ETFs in Hong Kong

OKX’s Token OKB Plummets 25% in 30 Minutes: What's Next?

M2’s CEO Addresses Strategic Queries About the Exchange in Telegram AMA Session…What Did He Say?

Bitcoin anxiety: Retail investors fear sub-$20,000 plunge in 2024

Join our free newsletter for daily crypto updates!