Ethereum

2024

Strong

Resistance

Ethereum price is correcting gains below the $2,350 zone. ETH could attempt a fresh increase unless there is a close below the $2,200 support. 
<ul> 
 <li>Ethereum is correcting gains and trading below the $2,350 level.</li> 
 <li>The price is trading below $2,320 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a key bearish trend line forming with resistance near $2,300 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could start a fresh increase if there is a close above the $2,350 level.</li> 
</ul> 
<h2 id="ethereum-price-eyes-fresh-increase">Ethereum Price Eyes Fresh Increase</h2> 
Ethereum price struggled to clear the $2,440 resistance zone and started a fresh decline. ETH declined below the $2,350 support zone to move into a short-term bearish zone, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-starts-2024-range/" target="_blank" rel="noopener ">Bitcoin</a>. 
There was a close below the $2,320 level. A low was formed near $2,258 and the price is now consolidating losses. Ethereum is now trading below $2,320 and the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-retreats-2440/" target="_blank" rel="noopener ">100-hourly Simple Moving Average</a>. There is also a key bearish trend line forming with resistance near $2,300 on the hourly chart of ETH/USD. 
On the upside, the price is facing resistance near the $2,300 level and the trend line. It is close to the 23.6% Fib retracement level of the downward move from the $2,445 swing high to the $2,258 low. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum.png?resize=1024%2C449"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-567553" src="https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum.png?resize=1024%2C449" alt="Ethereum Price" width="1024" height="449" srcset="https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum.png?resize=1024%2C449?w=1950 1950w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum.png?resize=1024%2C449?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum.png?resize=1024%2C449?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum.png?resize=1024%2C449?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum.png?resize=1024%2C449?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum.png?resize=1024%2C449?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum.png?resize=1024%2C449?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
Source: <a href="https://www.tradingview.com/symbols/ETHUSD/" target="_blank" rel="noopener nofollow">ETHUSD on TradingView.com</a> 
The first major resistance is now near $2,350 or the 50% Fib retracement level of the downward move from the $2,445 swing high to the $2,258 low. A close above the $2,350 resistance could send the price toward $2,400. The next key resistance is near $2,440. A clear move above the $2,440 zone could start another increase. The next resistance sits at $2,500, above which Ethereum might rally and test the $2,550 zone. 
<h2 id="more-losses-in-eth">More Losses in ETH?</h2> 
If Ethereum fails to clear the $2,300 resistance, it could continue to move down. Initial support on the downside is near the $2,250 level. 
The first key support could be the $2,240 zone. A downside break and a close below $2,240 might start another major decline. In the stated case, Ether could test the $2,200 support. Any more losses might send the price toward the $2,120 level. 
Technical Indicators 
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone. 
Hourly RSI – The RSI for ETH/USD is now below the 50 level. 
Major Support Level – $2,240 
Major Resistance Level – $2,350

Ethereum Price Could Start 2024 With A Strong Increase If It Holds This Support

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