Ethereum

Resistance

Gains

Ethereum price is consolidating above $2,250. ETH could start a fresh increase if there is a clear move above the $2,320 resistance zone. 
<ul> 
 <li>Ethereum started a fresh increase above the $2,200 and $2,220 levels.</li> 
 <li>The price is trading above $2,240 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a key rising channel with support near $2,275 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could start a steady increase if there is a close above $2,320 and $2,350.</li> 
</ul> 
<h2 id="ethereum-price-eyes-more-upsides">Ethereum Price Eyes More Upsides</h2> 
Ethereum price started a <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-gains-2285/" target="_blank" rel="noopener ">steady increase above the $2,180 resistance</a>. ETH gained bullish momentum after there was a close above the $2,200 resistance. 
The price even spiked above the $2,300 level and settled above the 100-hourly Simple Moving Average. A high was formed near $2,332 and the price is consolidating gains. There was a minor bearish wave below the $2,300 level. However, Ethereum is still above $2,240 and the 100-hourly Simple Moving Average. 
There is also a key rising channel with support near $2,275 on the hourly chart of ETH/USD. The channel support and the 100 hourly SMA are close to the 23.6% Fib retracement level of the upward move from the $1,980 swing low to the $2,332 high. 
<a href="https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-8.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-565476" src="https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-8.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-8.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-8.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-8.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-8.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-8.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-8.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-8.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> 
On the upside, the price is facing resistance near the $2,320 level. The next key resistance is near the $2,350 level. The <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-decline-2000/" target="_blank" rel="noopener ">main resistance is still near $2,400</a>. A clear move above the $2,400 zone could send the price toward the $2,500 level. The next resistance sits at $2,520. Any more gains could start a wave toward the $2,580 level. 
<h2 id="fresh-decline-in-eth">Fresh Decline in ETH?</h2> 
If Ethereum fails to clear the $2,320 resistance, it could start a fresh decline. Initial support on the downside is near the $2,275 level or the 100-hourly Simple Moving Average and the channel trend line. The next key support is $2,165. 
The main support is now near $2,120 or the 61.8% Fib retracement level of the upward move from the $1,980 swing low to the $2,332 high. A downside break below $2,120 might start another major decline. In the stated case, Ether could revisit the $2,000 support. 
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 – $2,275 
Major Resistance Level – $2,320

Ethereum Price Holds 100 SMA But Needs To Clear This For More Gains

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