Ethereum (ETH) Price Advances Toward 50 DMA at $34k

Rekha chauhan
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Ethereum Price Analysis: Bloodbath On Crypto Market Triggers Fallout From Descending Wedge Pattern

Ethereum (ETH) price attempted to take swift recovery on the last trading session of January. The US dollar index (DXY) subsides below $97.00 while NASDAQ notches higher at 2% helping the digital currency to some higher price action.

  • Ethereum lock-in gains on Monday however face resistance toward $2,600.
  • The price manages to stay above $2,500 with renewed buying interest.
  • A decisive break above the mentioned resistance level could witness fresh buying interest in the pair.

At the press time, ETH/USD is trading at $2,680.75, up 2.95% for the day. The 24-hour trading volume stands at $13,576,325,547.

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Ehtereum Integration on ICP’s 2022 Roadmap

Internet Computer (ICP), Dfinity Foundation’s blockchain will roll out Ethereum integration in Q3 2022 with the ‘Vanadium Vitalik Release. The purpose of integration is to overcome the limitations of traditional blockchains and smart contracts for better speed, storage costs, security, and scalability.

Technically speaking, the Ethereum (ETH) price makes an attempt for an upside break above the $2,600 resistance level. Ether has descended from the resistance-turned-support $3,400 initially. Further, after breaching the 50 DMA at $4,357.09 on December 9 the Ethereum price has been on the continuous decline.

Source: Trading view

The pair breached the second important horizontal support zone on January 22 briefly and recovered after testing the lows of $2,159. These levels were last seen in July.

Now, the daily relative strength index (RSI) is trading at 37 with a bullish crossover. The set-up supports the current upside momentum.

ETH/USD could target a 20% upside momentum from the current levels. A decisive close above the $3,400 would meet the next resistance hurdle of $4,000.

On the other hand, a retest of the $2,400 demand zone could once again make the bears hopeful for the next leg down at $1,754 the lows of July 21.

 

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.