Ethereum

Resistance

Ethereum price struggled to extend gains above $2,600 and $2,620. ETH trimmed gains and might struggle to stay above the $2,500 support zone. 
<ul> 
 <li>Ethereum attempted a fresh increase but failed to surpass $2,620.</li> 
 <li>The price is trading below $2,550 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a key bearish trend line forming with resistance near $2,540 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair start another increase if the bulls protect the $2,500 and $2,470 support levels.</li> 
</ul> 
<h2 id="ethereum-price-revisits-support">Ethereum Price Revisits Support</h2> 
Ethereum price started a fresh increase above the $2,520 resistance zone. ETH even climbed above the $2,550 level, but the bears were active near $2,600, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-faces-uphill-task-43500/" target="_blank" rel="noopener ">Bitcoin</a>. 
The price traded as high as $2,614 and recently started a fresh decline. There was a move below the $2,550 support zone. The price traded below the 61.8% Fib retracement level of the upward wave from the $2,471 swing low to the $2,614 high. 
Ethereum is now trading below $2,550 and the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-grinds-higher-2620/" target="_blank" rel="noopener ">100-hourly Simple Moving Average</a>. The bulls seem to be currently active above the 76.4% Fib retracement level of the upward wave from the $2,471 swing low to the $2,614 high. 
On the upside, the price is facing resistance near the $2,540 level. There is also a key bearish trend line forming with resistance near $2,540 on the hourly chart of ETH/USD. The next major resistance is now near $2,580. A clear move above the $2,580 level might start a decent increase. In the stated case, the price could rise toward the $2,620 level. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_9c554f.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-570067" src="https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_9c554f.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_9c554f.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_9c554f.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_9c554f.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_9c554f.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_9c554f.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_9c554f.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_9c554f.png?resize=1024%2C461?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 next key hurdle sits near the $2,650 zone. A close above the $2,650 resistance could start another steady increase. The next key resistance is near $2,720. Any more gains might send the price toward the $2,800 zone. 
<h2 id="downside-break-in-eth">Downside Break in ETH?</h2> 
If Ethereum fails to clear the $2,540 resistance, it could start another decline. Initial support on the downside is near the $2,500 level. 
The next key support could be the $2,470 zone. A downside break below the $2,470 support might send the price further lower. In the stated case, Ether could test the $2,400 support. Any more losses might send the price toward the $2,350 level. 
Technical Indicators 
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone. 
Hourly RSI – The RSI for ETH/USD is now below the 50 level. 
Major Support Level – $2,500 
Major Resistance Level – $2,540

Ethereum Price Rejects $2,600, Can Bulls Save This Key Support?

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