Ethereum

Rally

Resistance

Ethereum price extended its rally above the $2,250 resistance. ETH is up over 10% and might continue to rise toward the $2,500 resistance. 
<ul> 
 <li>Ethereum is showing positive signs and recently surpassed the $2,300 resistance.</li> 
 <li>The price is trading above $2,250 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a major bullish trend line forming with support near $2,250 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could extend its rally if it clears the $2,320 resistance zone.</li> 
</ul> 
<h2 id="ethereum-price-extends-rally">Ethereum Price Extends Rally</h2> 
Ethereum price remained in a positive zone above $2,120, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-surges-45k/" target="_blank" rel="noopener ">Bitcoin</a>. ETH extended its rally above the $2,200 and $2,250 resistance levels. The bulls remained action and the price spiked above $2,300. 
A new multi-month high was formed near $2,316 and the price is now correcting gains. There was a move below the $2,300 level. The price is now testing the 23.6% Fib retracement level of the upward move from the $2,188 swing low to the $2,316 high. 
Ethereum is now trading above $2,250 and the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-bull-run-2500/" target="_blank" rel="noopener ">100-hourly Simple Moving Average</a>. Besides, there is a major bullish trend line forming with support near $2,250 on the hourly chart of ETH/USD. 
<a href="https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-3.png?resize=1024%2C468"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-564072" src="https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-3.png?resize=1024%2C468" alt="Ethereum Price Prediction" width="1024" height="468" srcset="https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-3.png?resize=1024%2C468?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-3.png?resize=1024%2C468?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-3.png?resize=1024%2C468?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-3.png?resize=1024%2C468?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-3.png?resize=1024%2C468?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-3.png?resize=1024%2C468?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-3.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> 
On the upside, the price is facing resistance near the $2,320 zone. The next key resistance is near the $2,350 level. A clear move above the $2,350 zone could send the price toward the $2,420 level. The next resistance sits at $2,450. Any more gains could start a wave toward the $2,500 level. 
<h2 id="are-dips-supported-in-eth">Are Dips Supported in ETH?</h2> 
If Ethereum fails to clear the $2,320 resistance, it could start a downside correction. Initial support on the downside is near the $2,265 level. 
The next key support is $2,250 and the trend line. It is near the 50% Fib retracement level of the upward move from the $2,188 swing low to the $2,316 high. The main support is now near $2,200 or the 100-hourly Simple Moving Average. A downside break below $2,200 might start an extended decline. The key support is now at $2,120, below which there is a risk of a move toward the $2,080 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 – $2,200 
Major Resistance Level – $2,320

Ethereum Price Prediction- After 10% Surge, Is ETH Rally Just Getting Started?

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