Ethereum Bounces Back And Holds Above $2,168 Support

The price of Ethereum (ETH) has fallen below the moving average lines but remains above the $2,168 support. ETH price analysis by Coinidol.com.

Long-term analysis of the Ethereum price: bearish

The current support level of $2,168 corresponds to the historical price level of December 12, 2023. Since December 12, 2023, buyers have been defending the price above the historical price level of $2,000. Since the price drop on January 23, 2024, the largest altcoin has been trading above the $2,168 support. Currently, selling pressure has eased as the altcoin corrects higher. Ether is currently valued at $2,246.

On the negative side, further price declines are unlikely due to significant buying pressure at lower price levels. The candlesticks with extended tails are pointing downwards, indicating strong support. Ether is currently expected to trade between $2,160 and $2,400 if the current support holds.

Ethereum indicator analysis

The price bars for Ether are below the moving average lines as the altcoin reaches bearish exhaustion. On January 23 and 25, Ether bounces above the current support with pronounced long tails. On the daily chart, the moving average lines are still sloping upwards, indicating an earlier rise.

Technical indicators:

Key resistance levels – $2,200 and $2,400

Key support levels – $1,800 and $1,600

What is the next direction for Ethereum?

On the 4-hour chart, Ether has fallen and found support above the $2,160 level. The decline has been halted and Ether is consolidating back above the existing support. The price of the cryptocurrency has risen above the 21-day SMA but remains below the 50-day SMA. The cryptocurrency will most likely fluctuate within this range until a pattern emerges.

Coinidol.com reported on January 24 that Ethereum fallen to a low of $2,237.

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.