Ethereum Tumbles as It Reaches above the $2,200 Support

Ethereum (ETH) Current Statistics
The current price: $2,220.43
Market Capitalization: $266,888,370,578
Trading Volume: $16,554,361,398
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $1,700, $1,500, $1,000

Ethereum (ETH) Price Analysis January 24, 2024
Ethereum (ETH) has fallen dramatically below its moving average lines as it reaches above the $2,200 support. The largest altcoin has surpassed the $2,200 mark. Bears continue to drive the altcoin down to the psychological price barrier of $2,000 or lower.

On January 23, 2024, Ether fell dramatically to a low of $2,168 before recovering. Ether is now worth $2,229.40. On the downside, if bearish momentum returns, the market will tumble and return to the January 3 price level of $2,097.

On the upside, if ETH/USD holds above the $2,000 support level, the market will begin to rise. Since December 11, 2023, the present support level above $2,000 has not been broken.

ETH Technical Indicators Reading
Following Ether’s plunge, the price bars have dropped below the moving average lines. The slide has increased as it breaks through the moving average lines. Despite the bearish momentum, the moving average lines continue to slope upward.

Conclusion
The drop in Ether has stalled as it reaches above the $2,200 support. The altcoin is correcting to the upside. The upward corrective is met with resistance at $2,250. Ether is hovering above the $2,100 support, facing initial resistance at $2,250. If the current support holds, the market will return to a range of $2,100 to $2,400.

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