Ethereum

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/ethereum-faces-market-turbulence-amidst-recent-decline/" data-wpel-link="internal">Ethereum Faces Market Turbulence Amidst Recent Decline</a><br></p>
<p style="text-align: justify">The recent downturn in the world of cryptocurrency continues to be a topic of discussion. This decline, felt more acutely in altcoins, led to a 3% drop in <a href="https://en.coin-turk.com/ethereum-is-ready-to-take-the-center-stage-according-to-analysts/" data-wpel-link="internal">Ethereum</a>. 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-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 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 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 downtrend 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="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 rally. The $2,390 level’s 50% Fib retracement level and the subsequent main resistance at $2,400 emerge as immediate challenges. Overcoming these barriers could propel ETH towards the $2,480 level, indicating a positive trajectory.</p> 
<p style="text-align: justify">Ethereum’s journey 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 zone, 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, suggesting cautious market sentiment. Simultaneously, 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 monitor 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/ethereum-faces-market-turbulence-amidst-recent-decline/" data-wpel-link="internal">Ethereum Faces Market Turbulence Amidst Recent Decline</a></h5>

Ethereum Faces Market Turbulence Amidst Recent Decline

Съдържание

COINTURK NEWS

Други статии, публикувани на 23.01.2024 г.

Arkham Reveals On-Chain Addresses of BlackRock’s Bitcoin (BTC) ETF

Top Cryptocurrency Under $1 to Invest in Right Now Before It Surges

XRP to Crash to Virtual Zero Against Bitcoin, Predicts Max Keiser

Bitcoin’s Bullish Divergence: A Technical Analysis by Trader Tardigrade

Abra set to enable customer withdrawals after settling with Texas authorities

CBN lifting the crypto ban and what it means for Nigerian crypto users

Присъединете се към нашия безплатен бюлетин за ежедневни крипто актуализации!