Ethereum

Rally

Bitcoin

Resistance

Ethereum price is gaining pace above the $2,200 resistance. ETH is up over 8% and might continue to rise toward the $2,500 resistance in the coming days. 
<ul> 
 <li>Ethereum is gaining pace and recently surpassed the $2,250 resistance.</li> 
 <li>The price is trading above $2,200 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a key bullish trend line forming with support near $2,225 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could extend its rally if it clears the $2,275 resistance zone.</li> 
</ul> 
<h2 id="ethereum-price-follows-bitcoin">Ethereum Price Follows Bitcoin</h2> 
Ethereum price started a strong increase above $2,000, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-extends-rally-42k/" target="_blank" rel="noopener ">Bitcoin</a>. ETH cleared many hurdles near $2,120 to enter a positive zone. The price even surged above the $2,200 level to set the tone for a larger increase. 
A new multi-month high was formed near $2,275 and the price is now <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-breaks-2200/" target="_blank" rel="noopener ">consolidating gains</a>. There was a minor move below the 23.6% Fib retracement level of the upward move from the $2,148 swing low to the $2,275 high. However, Ethereum is still trading above $2,200 and the 100-hourly Simple Moving Average. 
There is also a key bullish trend line forming with support near $2,225 on the hourly chart of ETH/USD. On the upside, the price is facing resistance near the $2,250 zone. 
<a href="https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-2.png?resize=1024%2C468"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-563879" src="https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-2.png?resize=1024%2C468" alt="Ethereum Price" width="1024" height="468" srcset="https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-2.png?resize=1024%2C468?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-2.png?resize=1024%2C468?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-2.png?resize=1024%2C468?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-2.png?resize=1024%2C468?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-2.png?resize=1024%2C468?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-2.png?resize=1024%2C468?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-2.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 key resistance is near the $2,275 level. A clear move above the $2,275 zone could send the price toward the $2,320 level. The next resistance sits at $2,350. Any more gains could start a wave toward the $2,500 level. 
<h2 id="are-dips-limited-in-eth">Are Dips Limited in ETH?</h2> 
If Ethereum fails to clear the $2,250 resistance, it could start a downside correction. Initial support on the downside is near the $2,220 level and the trend line. 
The next key support is $2,175 or the 76.4% Fib retracement level of the upward move from the $2,148 swing low to the $2,275 high. The main support is now near $2,150 or the 100-hourly Simple Moving Average. A downside break below $2,150 might start a steady decline. The key support is now at $2,080, below which there is a risk of a move toward the $2,020 level in the near term. 
Technical Indicators 
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone. 
Hourly RSI – The RSI for ETH/USD is now above the 50 level. 
Major Support Level – $2,175 
Major Resistance Level – $2,250

Ethereum Price Bull Run Could Extend By 5%, Why ETH Could Rally To $2,500

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