FX.co ★ Technical Analysis of ETH/USD for February 2, 2024

Ethereum's Resilience Amidst Asia's Evolving Crypto Landscape

Key Takeaways from ETH/USD Analysis

1. Bullish Breakthrough: Ethereum's recent price action, including its rise above pivotal trendline and moving averages (50-period DEMA and 100-period EMA), indicates a potential shift from bearish to bullish momentum, suggesting a positive outlook for short-term price movements.
2. Sentiment and Technical Alignment: The predominance of bullish sentiment, reflected in the majority of technical indicators signaling Buy and the overwhelming bullish sentiment on the scoreboard, underscores the current optimistic market stance towards Ethereum.
3. Critical Levels to Monitor: While the bullish scenario prevails, traders should closely watch the key support at $2,240 and resistance at $2,412. Additionally, maintaining a keen eye on RSI levels and moving averages will be crucial for identifying potential reversals or continuations of the current trend.

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