Ethereum January 22 - Battle for $2400 support for ETH

Ethereum January 22 – Battle for $2400 support for ETH

ETH remains strong – The price of Bitcoin has fallen by 18% since the launch of Spot Bitcoin ETFs. Also, BTC signs a second consecutive week in the red with a weekly close below $42,000. ETH maintains a solid pace, the price continues to hover around $2,400. Let’s look at the key levels to keep in mind when second capitalizing cryptocurrencies.

This Ethereum price analysis is brought to you in collaboration with CryptoTrader and its algorithmic trading solution finally accessible to individuals.

Ethereum price drops 2% in 24 hours

ETH has followed by Bitcoin in its decline this week. The price of Ethereum actually displays a down 2% in 24 hoursand down 3.5% for the week :

Despite everything, ETH is in an increase of 6% in one monthand more than 30% in three months. Compared to Bitcoin, ETH is quite strong. ETH/BTC pair week stagnatedbut she is an increase of almost 13% in one month.

Ethereum price shows bullish momentum on a weekly basis

ETH displays a dynamic with increasing lows and highs, buyers are in control of the price at this point. The price of ETH closed the week at a level support of $2,400could the price bounce towards the next one resistance at $2,800 :

with escape from the first stop (0.382 Fibonacci retracement), another theoretical target lies outside $3,000 in the shorts recharge zone (0.618-0.786 Fibonacci retracement). On the other hand, in the case loss of $2,400 in supportthe price would then go to support of $2,100. He must maintain the course last low marked at $2,100. THE institutional bias (EMA 9/EMA 18) bullish he is at that level and could act like it dynamic support.

The RSI is trying to continue making bullish lows and highs. In case of closure below 62RSI would indicate a bearish divergence weekly.

Buyers must respond to support of $2,400

Since the price blocked at the level resistance at $2,700will display a dynamic with falling lows and highs in 4H. Buyers must now break the bearish trend lineAND change the momentum in 4 hours. For this, there would have to be a buying response at the level support of $2,400 :

When bouncethe price could be headed for the next one resistance at $2,550. On the other hand, a fracture of the support would return the course back to in the $2,400 to $2,100 range. RSI is bearsit will be necessary to find a bullish momentum so buyers regain control of momentum. Also a break in bearish trend line could bring bullish volatility.

Ethereum price is bullish on a weekly basis, buyers are in control of the price. In case of a rebound, the price could reach another resistance at $2,800. On the other hand, if Bitcoin continues to decline and Ethereum follows suit, a return to $2,100 is possible. XRP needs to recover from $0.53.

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