Ethereum Price Fears a Crash as It Fails at The $2,300 level

Ethereum Price Fears a Crash as It Fails at The $2,300 level

Jan 05 2024 at 17 :33 // Price

Since the January 3 drop, Ethereum (ETH) is trapped between moving-average lines.

Long-term Analysis of the Ethereum Price: Bullish

Investors bought dips as the largest cryptocurrency dropped to $2,097 by January 3. Ether is now back to $2,249.50. Ether's price has been capped by the moving average lines.

If buyers are able to maintain the price above the SMA of 21 days, they could resume the upward trend and reach the $2400 high. Ether's price will fall to $2,097 if sellers breach the 50-day moving average. The price of Ether is oscillating in between moving average lines.

Analysis of the Ethereum Indicator

A recent rally has trapped the largest cryptocurrency between moving average lines. After the January 3 price drop, the price bars on the 4-hour graph remain below the moving-average lines. Ether's risks are decreasing. Moving average lines are horizontal because of the sideways trend that has been observed below the $2400 resistance level.

Technical indicators

Key Resistance Levels - $2.200 and $2.400

Key Support Levels - $1800 and $1600

What is the future direction of Ethereum?

Ethereum falls below the moving-average lines on the 4-hour chart. Another rejection occurs at $2,300. The altcoin price could rise above $2,100 and return to its previous low.

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CryptoGuestPosts announced on January 2, that Ether had risen again. It reached a peak of $2,305.50. Ether was being driven back to its previous highs by buyers.

Disclaimer. This analysis and forecast is the personal opinion of the author. It does not constitute a recommendation for the purchase or sale of cryptocurrency, and should not therefore be considered as an endorsement from CryptoGuestPosts. Before investing in funds, readers should research the market.

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