Ethereum

Resistance

Gains

Ethereum price is recovering losses above $2,220. ETH could gain bullish momentum if there is a clear move above the $2,285 resistance zone. 
<ul> 
 <li>Ethereum started a fresh increase above the $2,180 and $2,200 levels.</li> 
 <li>The price is trading above $2,220 and the 100-hourly Simple Moving Average.</li> 
 <li>There was a break above a major declining channel with resistance near $2,215 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could start a strong increase if there is a close above $2,285 and $2,300.</li> 
</ul> 
<h2 id="ethereum-price-regains-strength">Ethereum Price Regains Strength</h2> 
Ethereum price remained supported above the $2,100 zone. ETH formed a base and was able to start a recovery wave above the $2,150 resistance zone, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-rips-higher-43k/" target="_blank" rel="noopener ">Bitcoin</a>. 
There was a decent increase above the $2,180 resistance zone. Besides, there was a break above a major declining channel with resistance near $2,215 on the hourly chart of ETH/USD. The pair cleared the 61.8% Fib retracement level of the downward move from the $2,378 swing high to the $1,980 low. 
Ethereum is now trading above $2,220 and the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-decline-2000/" target="_blank" rel="noopener ">100-hourly Simple Moving Average</a>. On the upside, the price is facing resistance near the $2,285 level. It is close to the 76.4% Fib retracement level of the downward move from the $2,378 swing high to the $1,980 low. 
<a href="https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-7.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-565362" src="https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-7.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-7.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-7.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-7.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-7.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-7.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-7.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-7.png?resize=1024%2C461?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 $2,350 level. The main resistance is now near $2,400. A clear move above the $2,400 zone could send the price toward the $2,500 level. The next resistance sits at $2,580. Any more gains could start a wave toward the $2,640 level. 
<h2 id="another-decline-in-eth">Another Decline in ETH?</h2> 
If Ethereum fails to clear the $2,285 resistance, it could start a fresh decline. Initial support on the downside is near the $2,230 level or the 100-hourly Simple Moving Average. 
The next key support is $2,180. The main support is now near $2,120. A downside break below $2,120 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 gaining momentum in the bullish zone. 
Hourly RSI – The RSI for ETH/USD is now above the 50 level. 
Major Support Level – $2,230 
Major Resistance Level – $2,285

Ethereum Price At Make-Or-Break Moment, Decoding Key Hurdles To More Gains

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