Ethereum Resumes Its Bullish Ascent as It Holds above $2,000

Ethereum (ETH) Current Statistics
The current price: $2,274.93
Market Capitalization: $273,407,030,931
Trading Volume: $9,665,415,209
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $1,700, $1,500, $1,000

Ethereum (ETH) Price Analysis January 26, 2024
Ethereum (ETH) falls below moving average lines but holds above $2,000. The drop has slowed as it resumed consolidation above the existing support. Furthermore, from December 12, 2023, buyers have been defending the current support.

It seems doubtful that selling pressure will return below the existing support. ETH/USD is increasing as it tries to recover above the moving average lines. The current advance is expected to meet resistance at the $2,400 high or the moving average lines.

A break above the resistance level will signal the return of an uptrend. Nonetheless, if Ether is rejected at its latest high, it will be forced to trade sideways between $2,200 and $2,400. Meanwhile, Ether has held its psychological price of $2,000 since December 12, 2023.

ETH Technical Indicators Reading
Ether’s price bars are rising while remaining below the moving average lines. The moving average lines point northward, representing the prior trend. On the 4-hour chart, price bars are caught between moving average lines, indicating cryptocurrency fluctuations.

Conclusion
Ethereum has fallen above the key support level as it holds above $2,000. Since December 12, 2023, crypto signals have been bullish as the altcoin recovers and resumes its bullish ascent. On the 4-hour chart, the altcoin rebounded, breaking above the 21-day SMA.

The positive trend is anticipated to extend to the 50-day SMA as the market moves further.

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