Ethereum

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/ethereums-market-fluctuations-a-detailed-analysis-4/" data-wpel-link="internal">Ethereum’s Market Fluctuations: A Detailed Analysis</a><br></p>
<p style="text-align: justify">The recent downturn in the cryptocurrency market continues to be a hot topic of discussion. This decline, which was more pronounced in altcoins, caused <a href="https://en.coin-turk.com/what-does-august-have-in-store-for-ethereum-eth/" data-wpel-link="internal">Ethereum</a> to experience a 3% drop. 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-recent-performance-a-brief-overview">Ethereum’s Recent 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 currently attempting to initiate a recovery wave beyond the $2,340 level, considering a potential test of $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 return. 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 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 does not 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 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 ETH approaching the $2,200 level.</p> 
<p style="text-align: justify">The hourly MACD for ETH/USD indicates a decreasing momentum in the bearish zone, suggesting 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 $2,300 support level and the $2,390 resistance level.</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-fluctuations-a-detailed-analysis-4/" data-wpel-link="internal">Ethereum’s Market Fluctuations: A Detailed Analysis</a></h5>

Ethereum’s Market Fluctuations: A Detailed Analysis

Table of Contents

COINTURK NEWS

Other articles published on Jan 23, 2024

Solana Price Prediction: Is Bloodbath to Continue Unabated

AMP Price Prediction: Will AMP Gains Pace Above $0.003500?

Ethereum’s Recent Downturn and Potential Recovery Path

BTC Price Drops Over 20% Under $40,000 After Bitcoin ETF Approval

Cardano Becomes Top Dog in Crypto Development Race, Polkadot and Kusama Follow

Mt. Gox trustee moves closer to Bitcoin repayments

Join our free newsletter for daily crypto updates!