• About
  • Contact
  • Privacy Policy
  • Terms and Conditions
Monday, October 27, 2025
The VR Soldier
  • Featured
  • News
  • Education
  • NEAR Protocol
  • Solana
  • Fantom
  • Yield Farming
  • Reviews
  • Press Releases
No Result
View All Result
  • Featured
  • News
  • Education
  • NEAR Protocol
  • Solana
  • Fantom
  • Yield Farming
  • Reviews
  • Press Releases
No Result
View All Result
The VR Soldier
No Result
View All Result

Ethereum Below $2.4K: Analysts Still See Bright Future

Bernie Borges Ferreira by Bernie Borges Ferreira
January 23, 2024
in News
Reading Time: 4 mins read
0
Share on TwitterShare on Facebook

Ethereum (ETH) is trading inside an important horizontal area that previously acted as resistance. ETH is also inside a confluence of short-term support levels that could be key in determining the future trend.

 

Ethereum Price Slides Towards Support Level

The daily timeframe shows that ETH has been moving inside an ascending parallel channel for the last 95 days. On January 12, the asset reached a local maximum of $2,717, testing the strength of the channel resistance line.

However, Ethereum has since fallen and is trading near the pattern’s support line. It is currently located inside an important horizontal area that previously offered resistance. A rebound from it will confirm this area as support.

The daily relative strength index (RSI) hints at continued declines. The indicator has formed a bearish divergence (green) and is below 50, which is a sign of a downward trend.

 

Analysts and Traders Remain Optimistic

Despite the ongoing decline, cryptocurrency traders and analysts on Platform X are optimistic about Ethereum’s prospects.

TheCryptomist believes that the rebound could be the impetus for the start of the altseason. She wrote: “Where others are scared, I am excited!! We have hit my support level from last week. Should we bounce..it is ALT SEASON”

$ETH

Where others are scared, I am excited!!
We have hit my support level from last week.

Perhaps smaller TF chop present here.
Should we bounce .. it is ALT SEASON 🚀😘https://t.co/EzINPs8qZ8 pic.twitter.com/fknhqqR0aq

— The Cryptomist (@Thecryptomist) January 22, 2024

Meanwhile, VellaCryptoX suggests that Ethereum will rise towards $2800, and finally, MuroCrypto stated that it is holding long positions in ETH with a target of $2,700.

 

ETH Forecast: Is the Bottom Near?

While the daily timeframe is bearish, the four-hour chart indicates the possibility of a rebound. The chart shows that ETH has bounced off the ascending parallel channel support line, which coincides with the short-term falling wedge support. The wedge is considered a bullish pattern.

Additionally, the four-hour RSI has moved beyond the oversold zone after briefly falling below it.

Image: TradingView

 

If Ethereum’s price breaks out of the wedge, it could rise 8% to the channel resistance line at $2,580. This line also coincides with the Fibonacci level of 0.618.

Regarding the monthly range, nothing has changed since the last post, and the $3000 zone still has a high magnet along with $3290.

We can calmly think about such goals as long as the $2140.8 zone holds. On the pullback, we will wait for a test of $2293, where we can look for long positions in order to test the levels indicated above.

Of course, this would be the ideal plan. If Bitcoin’s pullback doesn’t have a big impact on Ethereum, keep hedges and alternative positions at the ready.

However, a breakdown of the lower border of the channel could trigger a 9% drop in ETH to the nearest support at $2,170.

Tags: Altcoin SeasonCrypto MarketETHETH ProjectionsEthereum AnalysisMarket AnalysisTrading Strategy
Previous Post

Bitcoin’s Rollercoaster: Expert Insights & Bold Predictions

Next Post

DOGE’s Exciting Leap: Eyeing the $0.10 Milestone

Related Posts

Pepe Price Outlook: 30% October Drop May Set Stage for Reversal
Meme Coins

Pepe Price Outlook: 30% October Drop May Set Stage for Reversal

October 27, 2025
Gold Pulls Back from Record High as Bitcoin Extends Recovery
News

Gold Pulls Back from Record High as Bitcoin Extends Recovery

October 27, 2025
Bitcoin Steadies Near $110K Despite CPI Uptick, Signaling Market Maturity
News

Bitcoin Steadies Near $110K Despite CPI Uptick, Signaling Market Maturity

October 24, 2025
Featured

Cardano Slips After NIGHT Token Event

October 22, 2025
Binance Beats SEC—Crypto Cheers the Legal Victory
Featured

BNB Price Rises After Robinhood Listing

October 22, 2025
Featured

Trump Envoy in Senate Crypto Probe

October 22, 2025

Press Releases

Bitcoin Miners Outperform BTC by 500% as AI Integration Redefines the Sector
News

Bitcoin Miners Outperform BTC by 500% as AI Integration Redefines the Sector

by Jordan Avery
October 19, 2025

Bitcoin miners have outpaced BTC’s performance in 2025, recording gains of up to 500% as artificial intelligence (AI) reshapes the...

Read more
Bitcoin Falls as $100K Support Faces Pressure After Market Sell-Off

Bitcoin Falls as $100K Support Faces Pressure After Market Sell-Off

October 11, 2025
NFT Market Sees $129M Weekly Sales as BNB Chain Surges

NFT Market Sees $129M Weekly Sales as BNB Chain Surges

September 28, 2025
Ethereum Can Outshine Google Says Vitalik Buterin – Here’s How

Ethereum Can Outshine Google Says Vitalik Buterin – Here’s How

September 21, 2025
XRP Aims for $4 as ETF Buzz Heats Up: Can the Hype Hold?

XRP Aims for $4 as ETF Buzz Heats Up: Can the Hype Hold?

September 10, 2025
The VR Soldier

© 2024 The VR Soldier

Navigate Site

  • About
  • Contact
  • Privacy Policy
  • Terms and Conditions

Follow Us

No Result
View All Result
  • Featured
  • News
  • Education
  • NEAR Protocol
  • Solana
  • Fantom
  • Yield Farming
  • Reviews
  • Press Releases

© 2024 The VR Soldier