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Ethereum Price Consolidates Below $1,650 As The Bulls Aim Another Rally

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Ethereum Price Consolidates Below $1,650 As The Bulls Aim Another Rally

Ethereum climbed further higher above $1,620 against the US Dollar. ETH is consolidating gains and might aim another rally towards the $1,720 level.

  • Ethereum is correcting gains from the $1,655 and $1,665 resistance levels.
  • The price is now trading above $1,600 and the 100 hourly simple moving average.
  • There was a break below a key bullish trend line with support near $1,630 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could rally again if it stays above the $1,600 support zone.

Ethereum Price Eyes Another Increase

Ethereum price started a steady increase above the $1,500 resistance zone. ETH gained pace for a move above the $1,600 resistance zone, similar to bitcoin at $22,000.

The bulls even pushed the price above the $1,650 level and the price settled above the 100 hourly simple moving average. A new yearly high was formed near $1,679 and the price is now correcting gains. There was a minor move below the $1,650 level.

Ether price dipped below the 23.6% Fib retracement level of the upward move from the $1,480 swing low to $1,679 high. Besides, there was a break below a key bullish trend line with support near $1,630 on the hourly chart of ETH/USD.

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The price is now trading above $1,600 and the 100 hourly simple moving average. An immediate resistance is near the $1,650 level and the broken trend line.

Source: ETHUSD on TradingView.com

The next major resistance is near the $1,680 level. An upside break above the $1,680 resistance zone could start a fresh increase. In the stated case, the price may perhaps rise towards the $1,720 resistance. Any more gains might send the price towards $1,788 or even $1,800 in the near term.

Dips Limited in ETH?

If ethereum fails to clear the $1,650 resistance, it could continue to move down. An initial support on the downside is near the $1,600 level.

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The next major support is near the $1,580 level or the 50% Fib retracement level of the upward move from the $1,480 swing low to $1,679 high. If there is a move below $1,580, the price might test the $1,520 support. Any more losses might call for a test of the $1,480 zone.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is now losing momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now above the 50 level.

Major Support Level – $1,580

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Major Resistance Level – $1,650

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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Analysis

Bitcoin, Ethereum Technical Analysis: BTC Nears $24,000 Following Weekend Rally

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Bitcoin, Ethereum Technical Analysis: BTC Nears $24,000 Following Weekend Rally

Bitcoin started the week trading near a five-month high, as prices consolidated the weekend’s gains. Prices rose close to $24,000 on Sunday, following a breakout of a key resistance level. Ethereum fell back below $1,600 on Monday, after moving to a one-week high during yesterday’s session.

Bitcoin

Bitcoin (BTC) remained near a five-month high on Monday, following a strong rally towards $24,000 over the weekend.

Following a high of $23,919.89 on Sunday, BTC/USD fell to a low of $23,166.83 to start the week.

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Sunday’s surge saw BTC bulls push prices to their strongest point since August 26, however these same traders have already begun to retreat.

BTC/USD – Daily Chart

Looking at the chart, the decline commenced following a failed breakout of a ceiling at 85.00 on the 14-day relative strength index (RSI).

As of writing, the index is now tracking at 72.19, with a floor at 65.00 the only current visible target for bears.

Should this zone be hit, it is highly likely that BTC will be trading close to a support point at $22,500.

Ethereum

Ethereum (ETH) also edged lower to start the week, as sentiment shifted following a breakout of the $1,600 level

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ETH/USD slipped to a bottom of $1,582.18 earlier in the day, as bulls were unable to sustain Sunday’s high at $1,653.73.

Yesterday’s peak saw the world’s second largest cryptocurrency climb to its strongest point in one week, however traders used this as an ideal moment to secure recent gains.

ETH/USD – Daily Chart

The move saw ethereum marginally break out above a ceiling at $1,650, however bearish sentiment around this mark has reigned supreme over the last three months.

A breakout below a floor of 60.00 on the RSI also contributed to the decline, with the index now tracking at 58.40.

In the event today’s decline continues in the coming days, it is possible that ETH could be heading towards a floor at $1,550.

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Will sentiment in cryptocurrencies be bullish or bearish this week? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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DeFi

Cream Finance exploiter moves $3.3M ETH in January

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Cream Finance exploiter moves $3.3M ETH in January

Cream Finance exploiter moves $3.3M ETH in January Oluwapelumi Adejumo · 50 mins ago · 1 min read

The Cream Finance exploiter transferred 365.7 ETH — worth $600,000 — to an unknown centralized crypto exchange TradeOgre, Peckshield tweeted.

1 min read

Updated: January 30, 2023 at 8:01 am

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Cover art/illustration via CryptoSlate

Blockchain analytical firm Peckshield tweeted that the Cream Finance (CREAM) exploiter transferred 365.7 ETH — worth $600,000 — to an unknown centralized crypto exchange TradeOgre on Jan. 30.

The exploiter had transferred 2,070 Ethereum — roughly $3.3 million — to the same platform since Jan. 9, according to Etherscan data.

The exploiter was moving funds from a $119 million exploit in October 2021, according to another blockchain security firm, Certik. At the time, the attacker used multiple flash loans to raise the price of yUSD and borrowed more assets than the attacker collateralized on the decentralized finance application.

TradeOgre exchange

TradeOgre is a small crypto exchange with minimal know-your-customer policy and anti-money laundering compliance.

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The exchange’s website shows that it focuses on privacy coins and there are no signs of an email address or a phone number for customer support. It’s Twitter account also appears deserted — last updated Nov. 28, 2022.

Posted In: Ethereum, DeFi

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Analysis

Bitcoin, Ethereum Technical Analysis: BTC Hovers Near $23,000 To Start The Weekend

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Bitcoin, Ethereum Technical Analysis: BTC Hovers Near $23,000 To Start The Weekend

Bitcoin started the weekend hovering near $23,000, as markets continued to react to personal consumption data in the United States. Figures released on Friday reported that spending fell by 0.2% last month, despite overall consumer sentiment moving higher. Ethereum remained close to $1,600 to start the day.

Bitcoin

Bitcoin (BTC) remained close to the $23,000 level on Saturday, as markets continued to react to Friday’s U.S. personal consumption data.

Following a high of $23,417.72 late on Friday, BTC/USD fell to an intraday low of $22,880.60 earlier in the day.

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This came as bitcoin was once again unable to break out of a key resistance level at $23,500, leading to a resurgence of bearish sentiment.

BTC/USD – Daily Chart

In addition to this, the 14-day relative strength index (RSI) has dropped below the 80.00 mark, and looks to be headed for a floor at 76.00

Should momentum continue in a downward direction, it is likely that BTC will collide with a floor at $22,400.

Currently, the index is tracking at 78.59, with BTC/USD trading at $22,930.60.

Ethereum

After a brief stint moving back above $1,600 late on Friday, ethereum (ETH) started the weekend once again below this level.

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ETH/USD dropped to a bottom of $1,568.69 on Saturday, less than a day after hitting a peak of $1,617.00.

Volatility in ethereum has been heightened in recent days, following a failed breakout attempt of the $1,645 level earlier this week.

ETH/USD – Daily Chart

Following weeks of being overbought, price strength has begun to decline, with the 14-day RSI now tracking below its floor at 63.00

As of writing, the index is at a reading of 62.50, with ethereum at $1,582, with a floor at $1,550 a possible target for sellers.

Register your email here to get weekly price analysis updates sent to your inbox:

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Do you expect cryptocurrency prices to fall further this weekend? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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