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-recent-overview/" data-wpel-link="internal">Ethereum’s Market Fluctuations: A Recent Overview</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 acutely in altcoins, caused <a href="https://en.coin-turk.com/secs-probability-of-approving-ethereum-futures-etf-applications-is-increasing/" data-wpel-link="internal">Ethereum</a> to experience a 3% drop. Ethereum (ETH) faces a volatile trajectory as it tests important support levels and contends with potential recovery waves.</p> 
<h2 style="text-align: justify" id="ethereum-s-recent-performance-a-brief-look">Ethereum’s Recent Performance: A Brief Look</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 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="upward-possibilities">Upward 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 pave the way 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 stable increase. If the bulls continue, Ethereum could target the $2,650 region, signaling a more robust recovery.</p> 
<h2 style="text-align: justify" id="downward-risks">Downward 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. Likewise, the hourly RSI for ETH/USD is currently below the 50 level, emphasizing the need for caution when evaluating 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-market-fluctuations-a-recent-overview/" data-wpel-link="internal">Ethereum’s Market Fluctuations: A Recent Overview</a></h5>

Ethereum’s Market Fluctuations: A Recent Overview

Table of Contents

COINTURK NEWS

Other articles published on Jan 23, 2024

Legendary Peter Brandt Predicts Bitcoin Rendezvous With Parabola As CME Gap Closes

What is Conflux Network Coin?

Ethereum Price Prediction: ETH Devs Foresee 10x Lower Rollup Costs On Dencun Upgrade As Investors...

Bitcoin Price Retreats to Recent Lows Amid Market Developments

Pepe Price Prediction: PEPE Plunges 8% As Investors Look To This Meme Coin Held By Tron Founder J...

The Future of Huobi Token: What to Expect in 2023 and Beyond

Join our free newsletter for daily crypto updates!