{"id":567960,"date":"2024-01-04T04:22:30","date_gmt":"2024-01-04T04:22:30","guid":{"rendered":"https:\/\/wncen.com\/?p=567960"},"modified":"2024-06-11T07:16:02","modified_gmt":"2024-06-11T07:16:02","slug":"ethereum-price-recovers-2300","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/ethereum-price-recovers-2300\/","title":{"rendered":"Ethereum Price Recovers Ground But Upsides Might Be Limited Above $2,300"},"content":{"rendered":"<p><em>Ethereum price tumbled and spiked below $2,000 on Kraken. ETH is now recovering above the $2,200 level, but the bears might be active near $2,300.<\/em><\/p>\n<ul>\n<li>Ethereum started a major decline and dived below the $2,200 support.<\/li>\n<li>The price is trading below $2,300 and the 100-hourly Simple Moving Average.<\/li>\n<li>There is a connecting bearish trend line forming with resistance near $2,300 on the hourly chart of ETH\/USD (data feed via Kraken).<\/li>\n<li>The pair could continue to rise if there is a clear move above $2,290 and $2,300.<\/li>\n<\/ul>\n<h2>Ethereum Price Nosedives<\/h2>\n<p>Ethereum price struggled to settle above the $2,400 resistance zone. ETH also started a major decline like <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-price-takes-major-hit-40k\/\" target=\"_blank\" rel=\"noopener \">Bitcoin<\/a> and broke the $2,200 support zone.<\/p>\n<p>There was a sharp decline and the price even spiked below the $2,000 support zone. A new yearly low was formed near $1,860 and the price is now recovering losses. There was a decent increase above the $2,000 and $2,080 resistance levels.<\/p>\n<p>The price climbed above the 50% Fib retracement level of the downward move from the $2,430 swing high to the $1,860 low. However, Ethereum is still below $2,300 and the <a href=\"https:\/\/wncen.com\/analysis\/eth\/ethereum-price-momentum-reignites-technical-signals-potential-surge-to-2600\/\" target=\"_blank\" rel=\"noopener \">100-hourly Simple Moving Average<\/a>.<\/p>\n<p>On the upside, the price is facing resistance near the $2,290 level. The first major resistance is now near $2,300. There is also a connecting bearish trend line forming with resistance near $2,300 on the hourly chart of ETH\/USD. The trend line is close to the 76.4% Fib retracement level of the downward move from the $2,430 swing high to the $1,860 low.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/Ethereum-3.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-567961\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/Ethereum-3.png?resize=1024%2C461\" alt=\"Ethereum Price\" width=\"1024\" height=\"461\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/Ethereum-3.png?w=1835 1835w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/Ethereum-3.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/Ethereum-3.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/Ethereum-3.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/Ethereum-3.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/Ethereum-3.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/Ethereum-3.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<p>Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/ETHUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">ETHUSD on TradingView.com<\/a><\/p>\n<p>A close above the $2,300 resistance could send the price toward $2,400. The next key resistance is near $2,440. If there is a clear move above $2,400, there could be a drift toward $2,500. The next resistance sits at $2,500, above which Ethereum might rally and test the $2,620 zone.<\/p>\n<h2>Fresh Decline in ETH?<\/h2>\n<p>If Ethereum fails to clear the $2,300 resistance, it could start a fresh decline. Initial support on the downside is near the $2,200 level.<\/p>\n<p>The first key support could be the $2,080 zone. A downside break and a close below $2,080 might start another steady decline. In the stated case, Ether could test the $2,000 support. Any more losses might send the price toward the $1,860 level.<\/p>\n<p>Technical Indicators<\/p>\n<p>Hourly MACD<strong> \u2013 <\/strong>The MACD for ETH\/USD is regaining momentum in the bullish zone.<\/p>\n<p>Hourly RSI<strong> &#8211; <\/strong>The RSI for ETH\/USD is now above the 50 level.<\/p>\n<p>Major Support Level \u2013 $2,180<\/p>\n<p>Major Resistance Level \u2013 $2,300<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum price tumbled and spiked below $2,000 on Kraken. ETH is now recovering above the $2,200 level, but the bears might be active near $2,300. Ethereum started a major decline and dived below the $2,200 support. The price is trading below $2,300 and the 100-hourly Simple Moving Average. There is a connecting bearish trend line forming with resistance near $2,300 on the hourly chart of ETH\/USD (data feed via Kraken). The pair could continue to rise if there is a clear move above $2,290 and $2,300. Ethereum Price Nosedives Ethereum price struggled to settle above the $2,400 resistance zone. ETH also started a major decline like Bitcoin and broke the $2,200 support zone. There was a sharp decline and the price even spiked below the $2,000 support zone. A new yearly low was formed near $1,860 and the price is now recovering losses. There was a decent increase above the $2,000 and $2,080 resistance levels. The price climbed above the 50% Fib retracement level of the downward move from the $2,430 swing high to the $1,860 low. However, Ethereum is still below $2,300 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $2,290 level. The first major resistance is now near $2,300. There is also a connecting bearish trend line forming with resistance near $2,300 on the hourly chart of ETH\/USD. The trend line is close to the 76.4% Fib retracement level of the downward move from the $2,430 swing high to the $1,860 low. Source: ETHUSD on TradingView.com A close above the $2,300 resistance could send the price toward $2,400. The next key resistance is near $2,440. If there is a clear move above $2,400, there could be a drift toward $2,500. The next resistance sits at $2,500, above which Ethereum might rally and test the $2,620 zone. Fresh Decline in ETH? If Ethereum fails to clear the $2,300 resistance, it could start a fresh decline. Initial support on the downside is near the $2,200 level. The first key support could be the $2,080 zone. A downside break and a close below $2,080 might start another steady decline. In the stated case, Ether could test the $2,000 support. Any more losses might send the price toward the $1,860 level. Technical Indicators Hourly MACD \u2013 The MACD for ETH\/USD is regaining momentum in the bullish zone. Hourly RSI &#8211; The RSI for ETH\/USD is now above the 50 level. Major Support Level \u2013 $2,180 Major Resistance Level \u2013 $2,300<\/p>\n","protected":false},"author":67,"featured_media":510424,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[65296,1946,8686,78803],"class_list":["post-567960","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-ethbtc","tag-ethereum","tag-ethusd","tag-ethusdt"],"acf":[],"yoast_head":"\n<title>Ethereum Price Recovers Ground But Upsides Might Be Limited Above $2,300<\/title>\n<meta name=\"description\" content=\"Ethereum price tumbled and spiked below $2,000 on Kraken. 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