[Bitop Market Review] Ethereum Market Review

2024年02月07日 05:00:04

1. Price Trend:

Ethereum's price has established a foundation above $2,220 and initiated a significant uptrend, clearing some obstacles around the $2,350 level. Bulls pushed the price towards the $2,400 level. After reaching a high point near $2,389, there was a slight decline to below $2,365. The trading price is currently above $2,320 and the 100-hour simple moving average. Ethereum is showing positive signs and may extend the rally to the $2,500 level. Although a price correction is possible, the downside may be limited to below the $2,335 support area.


2. Potential Upside Opportunities:

Ethereum's first major resistance is around $2,380. The next major resistance is near $2,420, and the price could rise to test the $2,485 resistance. If bulls continue their momentum, they might push the price above the $2,550 resistance, even reaching the $2,550 level.


3. Potential Downside Risks:

If Ethereum fails to break the $2,380 resistance, the initial support lies around $2,350. The next crucial support could be in the $2,335 region. A clear break below the $2,335 support might lead to a decline towards $2,250. The main support is around $2,220, and breaking below this level could bring the price down to $2,120.


4. Technical Indicators:

Hourly MACD - The MACD for ETH/USD is losing momentum in the bullish zone, suggesting an increase in selling market strength.

Hourly RSI - The RSI for ETH/USD is currently above the 50 level, indicating relatively strong buying market strength. 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: Short

Entry position: 2390-2400

Stop loss: 2430

Take profit: 2340-2330


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.