Ethereum

Greed

Bitcoin

<img width="1200" height="578" src="https://coingape.com/wp-content/uploads/2024/01/iiyyDzTC-e1706455903262.png" class="attachment-full size-full wp-post-image" alt="Ethereum Price" decoding="async" style="float:right; margin:0 0 10px 10px;">
The <a href="https://coingape.com/blog/ethereum-facts/">Ethereum</a> (ETH) price&nbsp;has recently experienced an uptick in demand, particularly noticeable around the $2200 level. This change is highlighted by distinct long-tail rejection candles observed on its daily chart, indicating a decrease in bearish momentum. This shift comes in tandem with the Bitcoin price stabilization above $40000, alongside a broader uptick in altcoin markets, sparking a new relief rally. 
Over the past three days, the Ethereum price has seen a nearly 4% increase, now trading around the $2280 mark. Given this renewed buying pressure, can Ethereum leverage this momentum to surpass the $2500 threshold once again? 
<h2 id="b-bear-trap-reboots-recovery-sentiment-in-eth-b">Bear Trap Reboots Recovery Sentiment in ETH</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">The Ethereum Fear and Greed Index at 48% reflects a neutral sentiment among traders.</li> 
 <li style="font-weight: 400;" aria-level="1">The $2200 support backed by several technical levels creates a stoned support region.</li> 
 <li style="font-weight: 400;" aria-level="1">The intraday trading volume in Ether is $6.3 Billion, indicating a 10.3% gain.</li> 
</ul> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/i/iiyyDzTC.png" alt="Ethereum Price" width="1946" height="937">
 <figcaption class="wp-caption-text">
 Ethereum Price| TradingView Chart
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</figure> 
Over the recent fortnight, the <a href="https://coingape.com/price/ethereum/">Ethereum price</a> experienced a pronounced correction, with its value plunging from $2714 to a low of $2168, marking a significant 20% decrease. During this pullback, the coin price broke below the channel pattern’s support trendline, which underpinned a recovery rally for nearly three months. 
However, as the broader market’s bearish momentum began to fade, the <a href="https://coingape.com/ethereums-dencun-upgrade-nears-mainnet-debut-will-eth-rally/">ETH</a> price demonstrated resilience around the $2200 mark, successfully reclaiming the previously breached support trendline. This reversal marked the prior downfall as a ‘Bear Trap,’ and triggered additional buying orders in the market, evidenced by considerable short liquidation. 
Currently trading at $2280, if Ethereum can maintain its position above this reclaimed support, it could initiate a 6.85% relief rally, aiming for the $2430 level. This immediate resistance aligns with the 50% Fibonacci retracement level of the recent correction, highlighting a pivotal barrier that sellers are likely to defend vigorously. 
Therefore, for Ether to continue its upward trajectory and potentially retest the $2700 mark, a breakout above this critical resistance level is essential to gain further momentum. 
<h2 id="b-has-ethereum-price-entered-downtrend-momentum-b">Has Ethereum Price Entered Downtrend Momentum?</h2> 
Examining Ethereum’s daily time frame chart, it’s evident that corrections are a regular occurrence. In November 2023, the cryptocurrency underwent a 38.2% correction, followed by a 23.6% retracement in December 2023. Such trends suggest that these retracements, particularly around the 38.2% Fibonacci level, are typical for Ether, often serving as a precursor to subsequent upward movements. 
<ul> 
 <li aria-level="1">Exponential Moving Average (EMA): Amid the recent downturn, the 100-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">EMA</a> slope at $2200 showcased its sustainability as valid pullback support.</li> 
 <li aria-level="1">Relative Strength Index (RSI): The daily RSI slope below 45% reflects the market sentiment currently bearish.</li> 
</ul> 
<h3 id="related-articles">Related Articles:</h3> 
<ul> 
 <li><a href="https://coingape.com/markets/top-3-cryptos-to-buy-today-january-26-btc-eth-bonk/">Top 3 Cryptos To Buy Today January 26: BTC, ETH, BONK</a></li> 
 <li><a href="https://coingape.com/bitcoin-vs-ethereum-numbers-explain-which-has-higher-growth-potential/">Bitcoin vs Ethereum: Numbers Explain Which Has Higher Growth Potential</a></li> 
 <li><a href="https://coingape.com/ethereum-etf-by-grayscale-delayed-as-sec-awaits-public-input/">Ethereum ETF by Grayscale Delayed as SEC Awaits Public Input</a></li> 
</ul> 
The post <a href="https://coingape.com/markets/key-levels-to-watch-ethereum-price-recovery-2200/">Key Levels to Watch As Ethereum Price Sparks New Recovery at $2200&nbsp;</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Key Levels to Watch As Ethereum Price Sparks New Recovery at $2200

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