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

Table of Contents

NewsBTC

Другие статьи, опубликованные 1 янв. 2024 г.

Insights into Bitcoin’s Demand Zones and Potential Future Movements

VanEck: spot Bitcoin ETF launch will not impact BTC price

Top 5 Cryptos For Beginners To Buy Now In 2024

Should You Invest in Dogecoin in 2024? If Yes, Here’s the Way!

Indonesian Police Crack Down on Bitcoin Mining Operations for Electricity Theft

DYDX Unlocks $98 Million Worth of Tokens, Impacting Market Circulation

Join our free newsletter for daily crypto updates!