After facing a bearish rejection at a Fibonacci (Fib) resistance level, Ethereum (ETH) initiated a corrective movement. However, the trend is shifting as Ethereum’s price has encountered significant Fib support.

Ethereum appears to be demonstrating a bullish bounce at this support level, indicating the potential for the price to ascend further. This rebound from key Fib support suggests a possible resurgence in buying interest, possibly driving Ethereum’s price higher soon.

Bearish Trend Impacts Ethereum Price in January

Ethereum experienced a significant downturn last month, with a roughly 23% decline in price. However, current trends indicate a potential reversal, as the price appears to be regaining upward momentum this month.

Supporting this positive shift, the Moving Average Convergence Divergence (MACD) histogram on the monthly chart continues to display an upward trend. Additionally, the MACD lines remain in a bullish crossover, further suggesting bullish potential. Currently neutral, the Relative Strength Index (RSI) does not indicate overbought or oversold conditions, allowing room for price movement in either direction.

These indicators, particularly the bullish MACD and a neutral RSI, suggest that Ethereum may be positioned for a recovery or continuation of its upward trajectory following last month’s bearish phase.

Ethereum Price Shows Bullish Momentum from $2,255

After a sharp decline two weeks ago, with ETH hitting a horizontal support level at approximately $2,160, it managed to close above the 0.382 Fibonacci support level at around $2,255. Since last week, Ethereum has been showing bullish momentum from this level, potentially setting its sights back on the golden ratio resistance at approximately $2,550, where it faced a Go to Source to See Full Article
Author: Ryan James

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