Ethereum

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/ethereums-recent-market-struggles-and-potential-recovery/" data-wpel-link="internal">Ethereum’s Recent Market Struggles and Potential Recovery</a><br></p>
<p style="text-align: justify">The recent downturn in the cryptocurrency world continues to be a topic of discussion. This decline, felt more in altcoins, caused <a href="https://en.coin-turk.com/ethereum-whale-draws-attention-with-large-scale-eth-transfers/" data-wpel-link="internal">Ethereum</a> to experience a 3% drop. Ethereum (ETH) faces 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 increased its losses, reaching the support threshold of $2,300, facing challenges. However, ETH is currently trying to initiate a recovery wave beyond the $2,340 level, considering a potential test at $2,390.</p> 
<p><img fetchpriority="high" 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 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 comeback. This trend line, with resistance around $2,340, has become a very important focal point.</p> 
<h2 style="text-align: justify" id="upside-possibilities">Upside Possibilities</h2> 
<p style="text-align: justify">Ethereum’s recovery battle involves overcoming barriers at $2,390 and $2,400. A breakthrough beyond these levels could lay the groundwork for a significant rise. The 50% Fib retracement level at $2,390 and the subsequent main resistance at $2,400 emerge as immediate challenges. Surpassing these barriers could propel ETH towards the $2,480 level, indicating a positive trajectory.</p> 
<p style="text-align: justify">The journey for Ethereum 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. Similarly, 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-market-struggles-and-potential-recovery/" data-wpel-link="internal">Ethereum’s Recent Market Struggles and Potential Recovery</a></h5>

Ethereum’s Recent Market Struggles and Potential Recovery

Table of Contents

COINTURK NEWS

Other articles published on Jan 23, 2024

Bitcoin Whales Sell 70,000 $BTC Worth $3 Billion in Two Weeks

Breaking: UMA Launches Oval To Capture Oracle-Locked Value

Celsius Dump Triggers Ethereum Dive: $35 Million Sell-Off Sends ETH Price Crashing

Top Cryptocurrency to Buy for 10x Profit in Q1 2024

Shiba Inu soars as token burning accelerates; Polkadot and Rebel Satoshi popularity rises

Bitcoin’s Stealthy Ascent: China’s Maneuver Poised To Push BTC Beyond $70,000

Join our free newsletter for daily crypto updates!