Ethereum (ETH) Price Advances Toward 50 DMA at $34k

Source : coingape.com

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Ethereum (ETH) price attempted to take swift recovery on the last trading session of January. The US dollar index (DXY) subsides below $97.00 while NASDAQ notches higher at 2% helping the digital currency to some higher price action.

  • Ethereum lock-in gains on Monday however face resistance toward $2,600.
  • The price manages to stay above $2,500 with renewed buying interest.
  • A decisive break above the mentioned resistance level could witness fresh buying interest in the pair.

At the press time, ETH/USD is trading at $2,680.75, up 2.95% for the day. The 24-hour trading volume stands at $13,576,325,547.

Ehtereum Integration on ICP’s 2022 Roadmap

Internet Computer (ICP), Dfinity Foundation’s blockchain will roll out Ethereum integration in Q3 2022 with the ‘Vanadium Vitalik Release. The purpose of integration is to overcome the limitations of traditional blockchains and smart contracts for better speed, storage costs, security, and scalability.

Technically speaking, the Ethereum (ETH) price makes an attempt for an upside break above the $2,600 resistance level. Ether has descended from the resistance-turned-support $3,400 initially. Further, after breaching the 50 DMA at $4,357.09 on December 9 the Ethereum price has been on the continuous decline.

Source: Trading view

The pair breached the second important horizontal support zone on January 22 briefly and recovered after testing the lows of $2,159. These levels were last seen in July.

Now, the daily relative strength index (RSI) is trading at 37 with a bullish crossover. The set-up supports the current upside momentum.

ETH/USD could target a 20% upside momentum from the current levels. A decisive close above the $3,400 would meet the next resistance hurdle of $4,000.

On the other hand, a retest of the $2,400 demand zone could once again make the bears hopeful for the next leg down at $1,754 the lows of July 21.

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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