Ethereum Overcomes Its Initial Hurdle And Rises Past $2,200

Ethereum (ETH) Current Statistics
The current price: $2,280.54
Market Capitalization: $274,081,788,561
Trading Volume: $6,074,052,334
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $1,700, $1,500, $1,000

Ethereum (ETH) Price Analysis January 28, 2024
Ethereum’s (ETH) price remains below the moving average lines and rises past $2,200. On January 23, 2024, Ether fell to a low of $2,168 as bulls purchased dips. The largest altcoin has been rising after its drop on January 23, 2024.

The current support at $2,168 corresponds to the historical price level of December 12, 2023. The bears have been unable to breach the historical price level, resulting in the recent rebound. ETH/USD is now trading at $2,290.50.

The positive trend will continue on the upside if buyers can keep the price above the $2,400 resistance level or the moving average lines. Ether will test its recent high of $2,700. In contrast, if the altcoin is rejected at the moving average lines or hits resistance at $2,400, it will resume its sideways trend.

ETH Technical Indicators Reading
Ether’s price bars are rising despite being below the moving average lines. The selling pressure has subsided while in the bearish trend zone. The market has reached its important support level. On the 4-hour chart, the upward trend has become caught between the moving average lines.

It means that Ether will continue to vary for a few days.

Conclusion
On the 4-hour chart, ETH/USD is stuck between the moving average lines as it rises past $2,200. The current constriction of Ether will keep crypto signals range-bound for a few days. Currently, the upward correction is being rejected at a high of $2,307.

This will lead the altcoin to fall and enter a range below its previous high.

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