Ethereum Surpasses the Initial Barrier but Remains above $2,400

Ethereum (ETH) Current Statistics
The current price: $2,433.38
Market Capitalization: $292,388,013,041
Trading Volume: $10,115,084,780
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $1,700, $1,500, $1,000

Ethereum (ETH) Price Analysis February 8, 2024
Ethereum (ETH) is trading above the moving average lines but remains above $2,400. The biggest altcoin has surpassed the initial resistance of $2,400. The altcoin is predicted to rally to its prior highs of $2,600 and $2,700.

In the recent price action, buyers were repelled at the high of $2,391 and were unable to sustain the price above the $2,400 resistance level. The altcoin is now valued at $2,440 as of this writing. On the upside, the cryptocurrency’s price will find resistance near the highs of $2,452 and $2,590 before returning to former highs.

However, if ETH/USD encounters selling pressure at a higher price level, the market will fall below $2,400 support and enter a range-bound movement between $2,100 and $2,400.

ETH Technical Indicators Reading
Ether’s price bars have been above the moving average lines for the past two days, indicating that the market is once again optimistic. The cryptocurrency has been rising since its latest breakout. On the 4-hour chart, the moving average lines are sloping upward, with a bullish crossover signaling an uptrend.

Conclusion
The largest altcoin is making headway in its bid to achieve the previous high of $2,700 but remains above $2,400. Ether accomplished this milestone by breaching above $2,400 after two rejections. The crypto signal will remain optimistic if buyers maintain their bullish momentum above the $2,400 barrier.

Currently, the upward movement is meeting initial resistance at the recent high.

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