Ethereum Rebounds As It Regains The $2,400 Support Level

Ethereum Price Long-Term Analysis: Bullish
Ethereum’s (ETH) price has resumed positive momentum as it regains the $2,400 support level. Since the January 23 price drop, Ethereum has traded in a bearish trend zone. On February 6, 2024, the altcoin rallied to a peak of $2,464. Buyers have kept the price above the moving average lines, but have failed to maintain the positive momentum above the $2,400 level.

If the current resistance level is breached, the largest altcoin will rally to its prior highs of $2,600 and $2,715. However, Ether will continue to trade in a range above the moving average lines but below the resistance at $2,500, where buyers failed to maintain the positive momentum to the previous highs. Ether is trading at $2,447 at the time of writing.

Technical indicators:
Major Resistance Levels – $2, 600, $2,800, $3,000
Major Support Levels – $1.600, $1, 400, $1,200

Ethereum Indicator Analysis
Following the price rebound on February 6, Ether’s price bars are now above the moving average lines. The altcoin has begun an upward movement in the positive trend zone. On the 4-hour chart, the moving average lines are sloping upward, with a bullish crossover. The cryptocurrency is still rising, but it meets an initial obstacle near the recent high.

Conclusion
The largest altcoin is resuming its bullish ascent as it regains the $2,400 support level. Ether has risen and is currently trading at $2,450, below the recent barrier. The crypto signal is likely to continue strong as the price retests the recent high, indicating a continuing upward trend. For the previous 48 hours, the altcoin has been trading above $2,400 and its latest high.

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