Ethereum Resumes Its Range and Faces Rejection at $2,400

Ethereum (ETH) Current Statistics
The current price: $2,303.01
Market Capitalization: $276,753,410,743
Trading Volume: $6,406,809,922
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $1,700, $1,500, $1,000

Ethereum (ETH) Price Analysis February 3, 2024
Ethereum’s (ETH) price is currently trading above the $2,100 support but faces rejection at $2,400. On January 30, Ether surged but was rejected at the $2,400 resistance level. This has caused the cryptocurrency to fall below its moving average lines.

Today, the cryptocurrency is trading in a limited range of $2,100 to $2,400. The largest altcoin will resume bullish momentum if buyers maintain the price above the moving average lines. Ether will rise while above the moving average lines.

The bullish momentum will continue to the high of $2,700. Meanwhile, the cryptocurrency’s price has fluctuated below the moving average lines. The price of Ether will drop and hit its previous low of $2,000 if the present support is broken.

ETH Technical Indicators Reading
Ether’s price moves below the moving average lines. The moving average lines have restricted the upward movements. The crypto asset is consolidating, with Doji candlesticks appearing in the price movement. These candlesticks limit price moves as Ether resumes its range-bound trend.

Conclusion
On the 4-hour chart, the largest altcoin trades in a range but faces rejection at $2,400. The rejection of the upward surge and the termination of the bearish trend on January 23 caused the crypto signals to stay range-bound. Doji candlesticks are used to characterize the price action. These candlesticks have limited price movement inside their respective ranges.

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