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

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

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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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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Rekha chauhan

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.

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