Ethereum

Resistance

Ethereum price started a consolidation phase after a sharp decline. ETH must clear the $2,275 resistance to start a fresh increase in the near term. 
<ul> 
 <li>Ethereum recovered losses after testing the $2,000 support zone.</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 $2,240 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could gain bullish momentum if it clears the $2,250 and $2,275 resistance levels.</li> 
</ul> 
<h2 id="ethereum-price-eyes-fresh-increase">Ethereum Price Eyes Fresh Increase</h2> 
Ethereum price started a sharp decline below the $2,300 pivot level, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-holds-support-40k/" target="_blank" rel="noopener ">Bitcoin</a>. ETH declined heavily below the $2,220 and $2,200 levels. Finally, it tested the $2,000 support before the bulls emerged. 
A low was formed near $1,980 and the price is now attempting a recovery wave. There was a move above the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-dives-to-2000/" target="_blank" rel="noopener ">$2,120 and $2,150 resistance levels</a>. The bulls pushed the price above the 50% Fib retracement level of the downward wave from the $2,400 swing high to the $1,980 low. 
Ethereum is now trading below $2,320 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $2,250 zone. There is also a key bearish trend line forming with resistance near $2,240 on the hourly chart of ETH/USD. 
<a href="https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-5.png?resize=1024%2C468"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-564941" src="https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-5.png?resize=1024%2C468" alt="Ethereum Price" width="1024" height="468" srcset="https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-5.png?resize=1024%2C468?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-5.png?resize=1024%2C468?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-5.png?resize=1024%2C468?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-5.png?resize=1024%2C468?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-5.png?resize=1024%2C468?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-5.png?resize=1024%2C468?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-5.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 or the 76.4% Fib retracement level of the downward wave from the $2,400 swing high to the $1,980 low. A clear move above the $2,300 zone could send the price toward the $2,400 level. The next resistance sits at $2,450. Any more gains could start a wave toward the $2,500 level. 
<h2 id="more-losses-in-eth">More Losses in ETH?</h2> 
If Ethereum fails to clear the $2,275 resistance, it could start another decline. Initial support on the downside is near the $2,155 level. 
The next key support is $2,120. The main support is now near $2,100. A downside break below $2,100 might start another major decline. In the stated case, Ether could revisit the $2,000 support. Any more losses might call for a test of the $1,880 support zone in the near term. 
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 30 level. 
Major Support Level – $2,155 
Major Resistance Level – $2,275

Ethereum Price Consolidates Below Hurdle, What Could Trigger Fresh Increase

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