The Ethereum price has experienced a relief rally, recovering from its support level of $2170. It has surged 6% in the past two weeks and is currently trading at $2300. The ongoing progress of Ethereum’s Dencun upgrade is expected to support the coin’s sustainable recovery.
New Found Support Bolster ETH Price to Hit $2700
- The Ethereum Fear and Greed index reflects neutral market sentiment at 55%.
- The supply pressure at $2390 may result in sideways movement for ETH price in the coming week.
- The intraday trading volume in Ether is $5.09 Billion, indicating a 34% gain.
During the recent price correction, demand pressure increased at the monthly support level of $2170. This led to a positive turn towards $2390. Additionally, the Dencun upgrade, which aims to improve scalability and lower transaction fees, has been deployed on the Sepolia testnet and is set to go live on the Ethereum mainnet on February 7, 2024.
To confirm the recovery trend, buyers need to break key resistances at $2390 and the 50% retracement level of $2410. If successful, the Ether price may surge by over 10% and challenge the previous peak of $2700 before aiming for the $3000 milestone.
- Exponential Moving Average (EMA): The 100-day EMA acts as strong support during minor pullbacks.
- Vortex Indicator: The VI+(blue) and VI-(pink) indicate a bearish crossover, suggesting that the correction trend is still active.
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Hot Take: Ethereum’s Recovery Driven by Dencun Upgrade and Support Levels
The recent recovery in Ethereum’s price can be attributed to the slowdown in selling pressure and increased buying interest. The ongoing Dencun upgrade, which aims to improve scalability and lower transaction fees, has also contributed to the positive market sentiment. With the support levels holding strong and the upcoming Holesky testnet scheduled for February 7, Ethereum’s network growth is expected to drive further price gains. However, breaking key resistance levels will be crucial for buyers to gain stronger conviction in the recovery. Overall, Ethereum’s outlook remains positive as it aims to reclaim its previous peak and reach new milestones.
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