Ethereum

Bitcoin

Resistance

Ethereum price jumped above the $2,100 level and cleared $2,200. ETH is gaining pace and might surge further above the $2,220 level. 
<ul> 
 <li>Ethereum is showing a lot of positive signs and recently cleared the $2,200 resistance.</li> 
 <li>The price is trading above $2,150 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a connecting bullish trend line forming with support near $2,190 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could extend its rally if it clears the $2,220 resistance zone.</li> 
</ul> 
<h2 id="ethereum-price-jumps-5">Ethereum Price Jumps 5%</h2> 
Ethereum price remained well-bid after it settled above the $2,000 level. ETH gained bullish momentum and cleared the $2,120 resistance. The bulls even pumped it above the $2,200 level, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-surges-over-40k/" target="_blank" rel="noopener ">Bitcoin</a> above $40,000. 
A new multi-month high was formed near $2,229 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $2,147 swing low to the $2,229 high. There is also a connecting bullish trend line forming with support near $2,190 on the hourly chart of ETH/USD. 
Ethereum is now trading above $2,180 and the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-momentum-reignites-2200/" target="_blank" rel="noopener ">100-hourly Simple Moving Average</a>. On the upside, the price is facing resistance near the $2,220 zone. 
The first key resistance is near the $2,250 level. The next resistance sits at $2,320. A clear move above the $2,320 level could send the price toward the $2,450 resistance zone. 
<a href="https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-1.png?resize=1024%2C468"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-563694" src="https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-1.png?resize=1024%2C468" alt="Ethereum Price" width="1024" height="468" srcset="https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-1.png?resize=1024%2C468?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-1.png?resize=1024%2C468?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-1.png?resize=1024%2C468?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-1.png?resize=1024%2C468?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-1.png?resize=1024%2C468?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-1.png?resize=1024%2C468?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-1.png?resize=1024%2C468?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 resistance is near $2,500, above which the price could aim for a move toward the $2,650 level. Any more gains could start a wave toward the $2,800 level. 
<h2 id="are-dips-supported-in-eth">Are Dips Supported in ETH?</h2> 
If Ethereum fails to clear the $2,220 resistance, it could start a downside correction. Initial support on the downside is near the $2,190 level and the trend line. 
The next key support is $2,165 or the 76.4% Fib retracement level of the upward move from the $2,147 swing low to the $2,229 high. The main support is now near $2,120. A downside break below $2,120 might start a steady decline. The key support is now at $2,050, below which there is a risk of a move toward the $2,000 level in the near term. 
Technical Indicators 
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone. 
Hourly RSI – The RSI for ETH/USD is now above the 50 level. 
Major Support Level – $2,165 
Major Resistance Level – $2,220

Ethereum Price Breaks $2,200, More Upsides Left In This Leg?

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