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Ethereum’s stock has fallen to just below $2300 after failing to maintain its bullish surge after successfully breaking through the $2500 barrier. Though the price is currently just below $2300 at press time, bullish momentum has been building in recent hours, and the price may rise slightly in the near future if buying continues.

Over the last 24 hours, the wider cryptocurrency market has been positive, with several big cryptocurrencies seeing gains throughout the period. Ripple’s XRP and Binance’s BNB have also increased by 18.12 percent and 9.49 percent, respectively. Meanwhile, Bitcoin and Ethereum are up 0.36 percent and 7.51 percent, respectively.

Technical indicators for ETH/USDT

Yesterday, the MACD made a bullish reversal and has been bullish ever since. As stock trading increased, the MACD remained high, signaling that the stocks have good bullish momentum. About the fact that both EMAs are currently heading upwards, the 12-EMA is separating from the 26-EMA, signaling an increasing bullish momentum.

The RSI is currently selling in the neutral zone, just below 52.00, but there is no signal. It’s been trapped in neutral for the last five days. In recent hours, the indicator has been shifting upward to the overbought sector, signaling an increasing bullish presence.

Owing to the inclusion of dark green candlesticks, the Bollinger bands are actually wide and will widen in the future. The widening of the bands indicates that the Ethereum price, which is currently just below $2300, will become more volatile. In the meantime, since the price is above the band’s mean line, it will continue to trend upwards for the next few candlesticks.

In particular, 14 of the 26 main technical indicators in the 4-hour technical analysis issue a buy alert, indicating that they favor a bullish trend. On the other hand, only three metrics display sell signals, indicating a bearish retracement. Meanwhile, nine metrics are neutral, indicating that neither side of the economy is supported.

The 24-hour technical analysis shares this sentiment and also issues a buy signal with 13 of the 26 indicators suggesting a bullish movement against only three indicators which suggest a bearish retracement. Meanwhile, ten indicators remain neutral and do not issue any signals at the time of writing.

What would they expect from the price of Ethereum?

If the bulls continue to gain ground, traders can expect the Ethereum price to climb to $2400. However, given the lack of recent motivation, an upward acceleration is impossible, and the market action is likely to stabilize about $2300.

If the mid-term indications are still bullish, a big breakout in the next few days is doubtful. However, if Ethereum price is strongly rejected at $2400, it would fall down to the $2100 support range.

Traders should expect the Ethereum price to rise to the $2400 mark as the bulls continue. However, the lack of momentum in recent suggests that an upwards breakout is unlikely, and the price action can be expected to consolidate at the $2300 mark.

If the mid-term indications are still bullish, a big breakout in the next few days is doubtful. However, if Ethereum price is strongly rejected at $2400, it would fall down to the $2100 support range.

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