empty
02.01.2024 01:26 PM
Technical Analysis of ETH/USD for January 2, 2024

Understanding the Crypto Landscape: Ethereum's Challenges and Opportunities

As of January 2, 2024, Ethereum (ETH), a leading cryptocurrency, demonstrates resilience and potential for growth. Currently trading near a recent high, Ethereum's market dynamics are influenced by various factors, including technological advancements and industry trends.

This image is no longer relevant

The Impacts of Rising Transaction Fees

Vitalik Buterin, Ethereum's co-founder, voices concerns over escalating transaction fees. This trend has somewhat diverted from the original vision of Web3, which aimed for a more open internet. High fees have predominantly attracted a specific user base, mainly those engaging in high-risk transactions. This shift has caused a rift between the cryptocurrency community and advocates of non-blockchain decentralisation.

The Role of Non-Financial Applications

Buterin notes that Ethereum Name Service (ENS) stands out as a significant non-financial application used extensively. However, the dominance of financial applications has overshadowed the broader utility of blockchain technology.

Technological Progress Amid Challenges

Despite these challenges, Ethereum has witnessed substantial technological progress. Buterin highlights advancements such as rollups, ERC-4337 account abstraction standard, and more efficient clients. Particularly notable are developments in zero-knowledge proofs, offering a balance between privacy and security.

Technical Analysis of ETH/USD

The ETH/USDT pair recently achieved a new high at $2,444. The market currently favors bulls, indicated by the support levels at $2,375, $2,389, and $2,400. However, the momentum indicator suggests an overbought market, hinting at a potential pullback.

Weekly Pivot Points: Key Levels to Watch

  • Resistance: WR3 - $2,562, WR2 - $2,471, WR1 - $2,440
  • Pivot: $2,380
  • Support: WS1 - $2,340, WS2 - $2,289, WS3 - $2,199

Long-term Market Outlook

The long-term outlook remains bullish as long as Ethereum stays above the critical support level of $1,368. The mid-term key support is at $1,913, with a breach below this level potentially shifting the long-term perspective to bearish.

Intraday Indicators: A Bullish Sentiment

  • Technical Indicators: 19/21 suggest a Buy, 2 remain Neutral.
  • Moving Averages: 16/18 indicate Buy, 2 signal Sell.
  • Market Sentiment: Predominantly bullish (77% bulls).

Key Takeaways for Traders

  1. Bull Scenario: Maintain vigilance for potential pullbacks but consider the bullish sentiment and technical indicators favoring an uptrend. Key supports at $2,375 and $2,389 offer opportunities for strategic positioning.
  2. Bear Scenario: A sustained drop below $2,180 could signal a shift to bearish outlook. Traders should monitor for any break below the mid-term support at $1,913 for longer-term implications.
  3. Technological Impact: Stay informed about Ethereum's technological developments, as they can significantly influence market dynamics and offer new opportunities.

Conclusion: Ethereum's journey is marked by technological innovations and evolving market trends. While the current bullish trend offers potential, traders should balance optimism with caution, considering both technical indicators and the broader impacts of technological advancements.

Useful Links
Important Notice

The begginers in forex trading need to be very careful when making decisions about entering the market. Before the release of important reports, it is best to stay out of the market to avoid being caught in sharp market fluctuations due to increased volatility. If you decide to trade during the news release, then always place stop orders to minimize losses.

Without placing stop orders, you can very quickly lose your entire deposit, especially if you do not use money management and trade large volumes. For successful trading, you need to have a clear trading plan and stay focues and disciplined. Spontaneous trading decision based on the current market situation is an inherently losing strategy for a scalper or daytrader.

#instaforex #analysis #sebastianseliga

Pilih carta masa
5
min
15
min
30
min
1
jam
4
jam
1
hari
1
minggu
Jana pendapatan melalui perubahan kadar mata wang kripto dengan InstaForex.
Muat turun MetaTrader 4 dan buka dagangan pertama anda.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    SERTAI PERADUAN

Artikel yang dicadangkan

Cadangan Perdagangan untuk Pasaran Mata Wang Kripto pada 25 April

Cubaan yang tidak berjaya semalam untuk kekal melebihi $94,000 menunjukkan bahawa masih terdapat minat membeli yang ketara. Ethereum juga tetap kukuh, walaupun pembetulan semalam semasa sesi Eropah mungkin menggusarkan sesetengah

Miroslaw Bawulski 08:56 2025-04-25 UTC+2

Analisis Teknikal Pergerakan Harga Harian Polkadot Cryptocurrency, Jumaat 25 April 2025.

Dengan keadaan penunjuk Pengayun Stochastic yang kini berada di atas tahap Terlebih Beli (80) walaupun ia masih bergerak di atas WMA (30 Shift 2) yang menunjukkan kecenderungan masih Menaik, namun

Arief Makmur 07:02 2025-04-25 UTC+2

Analisis Teknikal Pergerakan Harga Intraday Mata Wang Kripto Solana, Jumaat 25 April 2025.

Walaupun ketika ini mata wang kripto Solana berada dalam keadaan pengukuhan yang ditunjukkan oleh pergerakan harganya di atas WMA (30 Shift 2), namun kemunculan Perbezaan (Divergence) antara pergerakan harga Solana

Arief Makmur 07:02 2025-04-25 UTC+2

Analisis BTC/USD – 24 April: Bitcoin Menunjukkan Tanda-tanda Pemulihan

Pola gelombang pada carta 4 jam untuk BTC/USD kini menjadi agak lebih kompleks. Kami memerhatikan struktur pembetulan ke bawah yang menyelesaikan pembentukannya sekitar paras $75,000. Selepas itu, satu pergerakan naik

Chin Zhao 10:15 2025-04-24 UTC+2

Cadangan Dagangan untuk Pasaran Mata wang Kripto pada 24 April

Bitcoin gagal bertahan di atas paras $94,000 dan telah membetulkan ke kawasan $92,500, di mana ia kelihatan lebih selesa. Ethereum juga telah menarik balik ke sekitar $1,769 selepas seketika mencecah

Miroslaw Bawulski 08:58 2025-04-24 UTC+2

Bitcoin mungkin menyambung semula aliran menaiknya

Bitcoin mencatat lonjakan kuat semalam. Selepas menembusi paras $90,000, mata wang kripto utama ini melonjak ke arah $94,000, di mana kenaikan itu terhenti buat sementara waktu. Ether juga menyaksikan keuntungan

Jakub Novak 12:59 2025-04-23 UTC+2

Cadangan Perdagangan untuk Pasaran Mata Wang Kripto pada 23 April

Bitcoin telah berjaya melepasi $90,000, sementara Ethereum menambah lebih daripada 10% dalam hanya satu hari, melonjak semula ke $1800. Pemangkin utama adalah kenyataan Donald Trump semalam, menjelaskan bahawa memecat Jerome

Miroslaw Bawulski 09:03 2025-04-23 UTC+2

Cadangan Dagangan untuk Pasaran Mata Wang Kripto pada 22 April

Bitcoin Kembali ke Zon $88,000, tetapi Ethereum Menghadapi Cabaran Penjualan yang berlaku semalam semasa sesi di AS, sekali lagi dicetuskan oleh penurunan dalam indeks saham Amerika, telah ditampung oleh pembeli

Miroslaw Bawulski 08:18 2025-04-22 UTC+2

Cadangan Dagangan untuk Pasaran Kriptowang pada 21 April

Bitcoin dan Ethereum, setelah menghabiskan seluruh hujung minggu bergerak mendatar dalam julat, melonjak dengan mendadak semasa sesi Asia hari ini. Kenaikan ini dicetuskan oleh khabar angin bahawa Pengerusi Rizab Persekutuan

Miroslaw Bawulski 09:03 2025-04-21 UTC+2

Cadangan Dagangan untuk Pasaran Mata Wang Kripto pada 18 April

Bitcoin dan Ethereum masih berada dalam saluran mendatar mereka, dan ketidakmampuan untuk keluar daripada julat ini boleh menjejaskan prospek pemulihan yang lebih luas dalam pasaran mata wang kripto. Walau bagaimanapun

Miroslaw Bawulski 09:00 2025-04-18 UTC+2
Tidak boleh bertanya sekarang?
Tanya soalan anda di Ruangan bersembang.
Panggilan semula Widget
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.