[Bitop Market Review] Ethereum Market Review

2024年02月06日 06:23:38

1. Price Trend:

Ethereum's price remains within the region below the $2,350 resistance level. Despite falling below $2,320, bulls have shown activity near the $2,280 support area. A low point was formed around $2,282, and the price is initiating a new uptrend within this area. Currently consolidating above the $2,250 region, the trading price is higher than $2,300 and the 100-hour simple moving average. If the price breaks above the $2,340 and $2,380 resistance levels, a significant uptrend may unfold.


2. Potential Upside Opportunities:

Ethereum's first major resistance is around $2,325, with the next major resistance near $2,350. If the price rises, testing the $2,380 resistance is possible. A breakthrough above $2,380 could lead to the next target at $2,450, and a clear breach of this level might drive the price higher to the $2,500 level.


3. Potential Downside Risks:

If Ethereum fails to surpass the $2,350 resistance, the initial support is near $2,280. The next critical support could be in the $2,240 region, and a significant fall below $2,240 might push the price towards $2,180. The main support level is likely at $2,120, and if breached, the price could decline to the $2,040 level.


4. Technical Indicators:

Hourly MACD - The MACD for ETH/USD is losing momentum in the bearish zone, suggesting a weakening seller's market.

Hourly RSI - The RSI for ETH/USD is currently above the 50 level, indicating relatively strong buying market strength, and the market might experience an uptrend for some time.


Resistance levels:

First resistance: 2350

Second resistance: 2390


Support levels:

First support: 2280

Second support: 2240


Trading direction: Long

Entry position: 2300-2290

Stop loss: 2270

Take profit: 2340-2350


Disclaimer: The article is contributed by the market analyst from Bitop market observation team. The content is solely for personal opinions and sharing. The analysis is time-sensitive and provided for reference and discussion only. It does not constitute any investment advice. The market is risky, so investing should be done cautiously.