Ethereum (ETH) Price Remains Stable Around $2,400

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

Ethereum’s (ETH) price is consolidating near the $2,200 ans$2,400 zone for the past few sessions. The price remains stable around the $2,400 threshold amid the risk aversion among investors. The second-largest cryptocurrency as per the market value after Bitcoin, book modest gains for a third day on Friday.

The native currency of the Ethereum blockchain, Ether fell below the $3,000 psychological level on January 21. At the press time, ETH/USD is trading at $2,487, up 2.67% for the day. The 24-hour trading volume stands at $15 billion.

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John Bollinger purchase Ethereum

Famous American Financial Analyst, trading indicator “Bollinger Bands” named after him purchased a small amount of the second-largest crypto asset. Although he clarified that not confident much on the asset as such there is no information about the quantity.

Source: Trading view

Technically speaking, Ethereum’s (ETH) price has been consolidating near the lower levels after the recent sell-off in the market took a breather. Investors should meet with some bottom buying opportunities.

In technical terms, it is called a ‘dead cat bounce’, which usually occurs in oversold market conditions. Looking at the daily strength index (RSI), which holds in the oversold zone and is about to give the bullish crossover. The reading suggests an uptick in the momentum oscillator could see price could jump toward the $3,000 mark.

Market participants will meet the next hurdle at the horizontal resistance line at $3,469.91

Alternatively, a failure to hold the session’s low could see the weekly lows around $2,100.

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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.