Ethereum Retreats Above $2,240 But Faces Further Rejections

Ethereum (ETH) Current Statistics
The current price: $2,248.17
Market Capitalization: $270,248,920,009
Trading Volume: $5,598,365,988
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $1,700, $1,500, $1,000

Ethereum (ETH) Price Analysis January 7, 2024
The price of Ethereum (ETH) has been caught between the moving average lines but faces further rejections. Ether dropped precipitously on January 3 to a low of $2,097, but it managed to draw in between the moving average lines.

Following the correction, the cryptocurrency has been trading between the moving average lines. The cryptocurrency asset has been trapped between the moving average lines for the last five days. The 21-day SMA and resistance at $2,272 have held back the rising trend.

The pullback on January 4 raises the possibility of a further collapse. Ether will drop much lower to the level of above the $2,076 support if the bears break below the 50-day SMA. The ETH/USD exchange rate is $2,244 at the time of writing.

ETH Technical Indicators Reading
The price bars have been alternating between the moving average lines for the past five days. The bears are ahead of the bulls as Ether risks decline. However, the existence of Doji candlesticks will limit the price movement inside the range.

Conclusion
On the 4-hour chart, ETH/USD has been fluctuating above the $2,190 support but faces further rejections. The altcoin’s price range has been fluctuating between $2,190 and $2.270. The 21-day SMA has limited the cryptocurrency’s ability to rise further.

The long candlestick at the bottom of the chart indicates strong buying at the reduced price level.

You can purchase crypto coins here. Buy LBLOCK

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing