February 2, 2023

Ethereum (ETH) Price Consolidation – An Imminent Bull Run?

Ethereum climbed beyond the $1,620 region versus the dollar. The leading alt is consolidating its gains and could try another upswing toward the value zone of $1,720. Ethereum’s price started to surge steadily beyond the resistance of $1,500. Meanwhile, the crypto accumulated strength to conquer the hurdle of $1,600. The impressive move emerged as Bitcoin outshined the $22K resistance.

Ethereum bulls even pushed the price past $16,50 to settle above the 100hr SMA. That saw the token attaining a yearly peak near the $1,679 level, and prices reversed gains during this publication. There was a minor dip beneath $1,650.

Ether’s price declined below the 23.6% Fibonacci retracement mark of the increase from $1,480 to $1,679. Moreover, ETH-USD’s 1hr chart confirms a drop under an important bullish trendline with a foothold at $1,630.

While publishing this article, Ether hovered beyond $1.6K and the 100 1hr SMA. Meantime, the $1,650 mark and the broken trendline present the closest resistance. Another obstacle stands at $1,680. Moving past this barrier might signal a new upside for ETH.

In that case, prices might climb to explore the resistance at $1,720. Any further increments may propel prices to $1,788 to $1.8K in the near term. If Ether fails to beat the resistance at $1,650, it could suffer continued dips. The first downward footing stands at $1.6K.

Further slides will meet another significant footing at $1,580, and the 50% Fibonacci retracement region of the upsides from $1,480 to $1,679. Price declines beneath $1,580 may see the altcoin challenging the support of $1,520. Increased pessimism will call for a $1,480 test.

Binance and Genesis News Had Ether on a Choppy Sunday

Bitcoin and Ether saw another choppy session yesterday. Market worries over Genesis’ insolvency tested buyer sentiment on Sunday. Today’s initial insolvency hearing will invite massive interest, with the network’s liability profile expected to affect investor sentiment.

Meanwhile, minor creditor loss would restrict the impact on Bitcoin, Ethereum, and the overall cryptocurrency market. In addition, updates of Binance customers losing SWIFT access also affected investor sentiment. Nonetheless, Binance clarified that its Banking partner, Signature Bank, made the changes, allowing users only to transact over $100,000 through SWIFT.

Genesis’ bankruptcy hearing and Shanghai hardfork might be today’s focal points. Unfortunately, there needs to be FOMC staff speaking or United States economic signals to distract market participants. Nonetheless, the NASDAQ Index and overall market risk bias could influence the space this afternoon.

ETH’s Bullishness

The Exponential Moving Averages and the four-hour chart revealed a bullish stance for Ethereum. ETH sat beyond the 50day EMA ($1.569). Meanwhile, the 50-day-EMA drifted from the 200day-EMA, as the 100day-EMA widens from the 200day EMA – presenting bullish signs. Nonetheless, slides beneath the 50day Exponential Moving Average would confirm a sentiment shift.

Leave a Reply

Your email address will not be published. Required fields are marked *