Ethereum

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/ethereums-market-struggles-a-detailed-analysis/" data-wpel-link="internal">Ethereum’s Market Struggles: A Detailed Analysis</a><br></p>
<p style="text-align: justify">The recent downturn in the cryptocurrency world continues to be a topic of discussion. This decline, which was more pronounced in altcoins, caused <a href="https://en.coin-turk.com/significant-increase-in-ethereums-on-chain-activity/" data-wpel-link="internal">Ethereum</a> to experience a 3% drop. <strong>Ethereum</strong> (ETH) is facing a volatile trajectory while testing significant support levels and grappling 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, <strong>ETH</strong> 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, <strong>Ethereum</strong> 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 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 set the stage for a significant rise. The 50% Fib retracement level at $2,390 followed by the main resistance at $2,400 poses 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, <strong>Ethereum</strong> 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 <strong>ETH</strong> approaching the $2,200 level.</p> 
<p style="text-align: justify">The hourly <strong>MACD</strong> for ETH/USD indicates decreasing momentum in the bearish zone, pointing to cautious market sentiment. Simultaneously, 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-market-struggles-a-detailed-analysis/" data-wpel-link="internal">Ethereum’s Market Struggles: A Detailed Analysis</a></h5>

Ethereum’s Market Struggles: A Detailed Analysis

Съдържание

COINTURK NEWS

Други статии, публикувани на 23.01.2024 г.

Bitget Unveils New Messi Film to Kick off Second Year of Messi Partnership

Shiba Inu Celebrates Shibarium's Growth as Major Milestone Is Crossed

Bitcoin Halving Can Drive Solana, XRP, and ScapesMania Prices x20

Kelexo (KLXO) hits 1000 users to its presale in less than 24 hours, as Shiba Inu (SHIB) & Pepe Co...

Bitcoin Faces Critical Support as Momentum Slows, Analyst Shares Next Target To Buy BTC

MoonDAO aims to create a self-sustaining moon colony by 2030 with the help of decentralized auton...

Присъединете се към нашия безплатен бюлетин за ежедневни крипто актуализации!