Ethereum

Token

Cardano

Hope

Read

<ul> 
 <li>Ethereum’s price is correcting below the $2,350 level, facing resistance near $2,300.</li> 
 <li>The potential for a fresh increase exists if Ethereum closes above the $2,350 resistance, possibly targeting the $2,400 and $2,440 levels.</li> 
 <li>Failure to surpass the $2,300 resistance might lead Ethereum to further downward movement.</li> 
</ul> 
Ethereum (ETH) has witnessed a corrective phase, slipping below the crucial $2,350 level against the US dollar. The cryptocurrency encountered hurdles near $2,300, marked by the emergence of a notable bearish trend line on its hourly chart. 
At present, Ethereum trades below $2,320 and the 100-hourly Simple Moving Average, indicating a short-term bearish sentiment. The failure to breach the resistance at $2,300 has intensified the selling pressure, resulting in a consolidation phase after dipping to approximately $2,258. 
Analysts and traders are closely monitoring ETH’s movement, speculating that a potential bullish reversal might ensue if Ethereum manages to secure a decisive close above the $2,350 resistance zone. Such a move could pave the way for an upward trajectory, with immediate targets lying at $2,400 and $2,440 levels. 
Conversely, a sustained inability to surpass the $2,300 resistance might catalyze further downward momentum for <a href="https://www.tradingview.com/symbols/ETHUSD/">Ethereum</a>. Initial support is anticipated near $2,250, but the critical support level rests at $2,240. Should the price breach this crucial level, Ethereum could experience intensified selling pressure, possibly testing the $2,200 mark. 
Technical indicators corroborate this cautious outlook, with the hourly MACD indicating a loss in bearish momentum for ETH/USD. Similarly, the hourly Relative Strength Index (RSI) stands below the 50 level, underscoring the prevailing bearish sentiment among traders and investors. 
<h4 class="wp-block-heading" id="h-read-also">Read also:</h4> 
<ul class="wp-block-yoast-seo-related-links">
 <li><a href="https://cryptonewsland.com/ethereums-potential-rebound-sparks-hope-amid-price-slump/">Ethereum’s Potential Rebound Sparks Hope Amid Price Slump</a></li>
 <li><a href="https://cryptonewsland.com/analyzing-xrps-price-movement-is-a-rebound-on-the-horizon/">Analyzing XRP’s Price Movement: Is a Rebound on the Horizon?</a></li>
 <li><a href="https://cryptonewsland.com/solanas-resilience-potential-surge-to-30-amidst-recent-corrections/">Solana’s Resilience: Potential Surge to $30 Amidst Recent Corrections</a></li>
 <li><a href="https://cryptonewsland.com/cardano-ada-ready-to-explode-past-0-42-heres-why/">Cardano (ADA) Ready to Explode Past $0.42 – Here’s Why</a></li>
 <li><a href="https://cryptonewsland.com/aptos-token-rebound-amid-upstart-analysts-warnings/">Aptos Token Rebound Amid Upstart Analysts Warnings</a></li>
</ul> 
The post <a href="https://cryptonewsland.com/ethereum-price-correction-will-eth-rebound-above-2350-resistance/">Ethereum Price Correction: Will ETH Rebound Above $2,350 Resistance?</a> appeared first on <a href="https://cryptonewsland.com">Crypto News Land</a>.

Ethereum Price Correction: Will ETH Rebound Above $2,350 Resistance?

Crypto News Land

Other articles published on Jan 1, 2024

VanEck: spot Bitcoin ETF launch will not impact BTC price

ATOM flags bearish warning: Will prices hit $9?

Loopring: “The next evolution of Loopring is coming… 2024 will be the year when Loopring moves fr...

Is Bitcoin Signaling a Buy Opportunity?

How Will Solana Navigate the Critical Junction Between $90 and $180 in 2024?

Sam Bankman-Fried Sparking Buzz As Prosecutors Drop Remaining Charges

Join our free newsletter for daily crypto updates!