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Ether (ETHUSD) has shown a positive bounce off the neckline of the head-and-shoulders (H&S) pattern on January 23, signaling an attempt by the bulls to prevent the formation of this bearish setup. The price has increased by 4.77%, with ETH currently trading at $3,338.57.
Ether is now targeting the 50-day simple moving average (SMA) at $3,503, which represents a crucial near-term resistance level. If buyers manage to push the price above this level, Ether could surge toward the next target of $3,745. A break above the 50-day SMA would signal bullish momentum, encouraging further buying interest.
On the flip side, if Ether faces rejection at the 50-day SMA, it could suggest that the bears are still active sellers on rallies. This scenario increases the risk of a breakdown below the neckline of the H&S pattern. Should this occur, the ETHUSDT pair could see a sharp decline, with potential support at $2,850.
Trading Data (as of 12:27 PM, 24 January 2025 GMT-5):
- Ethereum (ETHUSD) Price: $3,338.57 (+4.77%)
- Market Cap: $409.172 Billion
- 24-Hour Volume: $31.39 Billion
- Circulating Supply: 120.50 Million ETH
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice.