Ethereum’s Ascent Halts as It Oscillates below the $2,400 High

Ethereum (ETH) Current Statistics
The current price: $2,382.91
Market Capitalization: $286,365,736,763
Trading Volume: $9,764,703,022
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $1,700, $1,500, $1,000

Ethereum (ETH) Price Analysis February 6, 2024
Ethereum’s (ETH) price has finally gained positive momentum, breaking above the moving average lines as it oscillates below the $2,400 high. This will be the second attempt for the cryptocurrency price to break above the moving average lines.

During the initial surge, Ether was rebuffed at the $2,400 resistance level. Today, Ether is trading at $2,372 as of this writing. Once buyers break through the resistance at $2,400, the biggest altcoin will resume its bullish ascent.

The bullish momentum will continue to the high of $2,700. In other words, once the previous high is breached, Ethereum will achieve a new high of $3,000. ETH/USD, on the other hand, will be forced to trade in a narrow range between $2,180 and $2,400, where it fails to break through the barrier level.

ETH Technical Indicators Reading
Ether’s price has recovered as price bars have returned above the moving average lines. This will cause the coin to increase and retest or breach the resistance level at $2,400. The latest price rebound has overturned the Doji candlesticks, which were responsible for the lethargic price rise. The moving average lines are sloping north.

Conclusion
On the 4-hour chart, Ether’s price has surged as it oscillates below the $2,400 high. The cryptocurrency price has reached the resistance level, although it is oscillating below it. The crypto signal is likely to trend sideways, with Ether facing another rejection at the recent high.

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