Ethereum Trades Marginally and Maintains Firm above $2,400

Ethereum (ETH) Current Statistics
The current price: $2,475.27
Market Capitalization: $297,421,556,929
Trading Volume: $4,873,803,561
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $1,700, $1,500, $1,000

Ethereum (ETH) Price Analysis January 21, 2024
Ethereum (ETH) has continued to consolidate above the current support as it maintains firm above $2,400. For the past three days, the cryptocurrency’s price has remained steadily above the current support and the 21-day moving average line.

On the upside, Ether’s positive trend has been sustained, with the price remaining above the moving average lines. Nonetheless, the price movement has been static due to the presence of Doji candlesticks. If Ether recovers above the present support level, it will increase and retest its prior high of $2,700.

The biggest cryptocurrency risks a fall if the bears breach below the 21-day moving average line and $2,400 support holds. This will compel Ether to drop to a low of $2,200.

ETH Technical Indicators Reading
Ether’s bullish trend continues as price bars remain above the moving average lines. The last three days have seen no movement in the price due to the existence of Doji candlesticks. On the daily chart, the moving average lines are sloping upwards, indicating an uptrend.

The moving average lines on the 4-hour chart are sloping horizontally following the end of the rally.

Conclusion
Ether has settled into a narrow range as it maintains firm above $2,400. On the 4-hour chart, the upward movement has been slowed by the moving average lines or the resistance at $2,510. Nonetheless, for the past three days, Ether has traded modestly because of small-body indecisive candlesticks known as Doji.

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