Ethereum News: Price Recovery Faces Resistance at $2,920

Ethereum's recent price recovery, which saw a nearly 10% increase and a push above $2,500, has stalled as it encounters significant resistance near $2,920. The cryptocurrency is currently trading below $2,900 and the 100-hourly Simple Moving Average, with a key bearish trend line forming at the $2,920 resistance level on the hourly ETH/USD chart. If Ethereum fails to break through this resistance, it could face a fresh downward trend.

Ethereum Price Recovery Stalls at Resistance: Can Bulls Break Through?

Ethereum price initiated a recovery wave, surpassing the $2,500 mark, and has risen nearly 10%. However, it now encounters significant resistance NEAR $2,920. The price is currently trading below $2,900 and the 100-hourly Simple Moving Average. A key bearish trend line is forming with resistance at $2,920 on the hourly chart of ETH/USD, sourced from Kraken. If Ethereum remains below the $2,920 threshold, it may face a fresh decline. Earlier, Ethereum experienced a major drop below the $2,800 level, underperforming Bitcoin, and fell over 25% to test the $2,120 zone before starting a recent recovery.

Ethereum ETFs See $1.5 Billion Trading Volume as Investors Buy the Dip

Despite Ethereum's recent struggles with declining user counts and falling prices, Ethereum ETFs have seen a significant surge in trading volume, reaching $1.5 billion. This increase comes as investors take advantage of the dip in Ethereum's price, despite broader market shocks caused by external factors such as Trump's tariff threats. The ETFs' performance is notable, especially as Ethereum faces internal challenges including leadership crises and shaken public confidence. The trading volumes of these ETFs are increasingly diverging from the actual performance of Ethereum itself.

Ethereum (ETH) Price Prediction For February 4

Ethereum (ETH) has been experiencing notable price movements, currently trading around $2,821, which is a 7.8% increase from the previous close. The price has fluctuated between $2,601 and $2,902 today, indicating significant intraday volatility. Technical analysis shows the Relative Strength Index (RSI) at 36.11, suggesting a neutral market sentiment. The MACD indicator is signaling a buy at -73.72, hinting at potential upward momentum. However, the Price Rate of Change (ROC) at -12.87 indicates bearish pressure, suggesting possible short-term selling. Ethereum is currently trading below its 5-day, 10-day, and 20-day moving averages.

Ethereum Could Slip Under $2,000 in March, Odds Climb to 10%

Ethereum (ETH) has experienced significant market activity, with nearly $140 million in liquidations in the past 24 hours, including $65 million in bullish bets. Despite holding above the key support level of $2,600, experts predict a potential drop below the psychologically important $2,000 mark. The increase in ETH's implied volatility on daily and weekly timeframes suggests a higher likelihood of short-term downside swings. On-chain metrics such as the total supply of Ether, Network Realized Profit/Loss (NPL), supply held by whales, and funding rates across exchanges support a bearish outlook for Ether.