Ethereum

Resistance

Ethereum price is recovering losses from the $2,120 support. ETH is up over 3% and the price could gain pace if it clears the $2,250 resistance. 
<ul> 
 <li>Ethereum is moving higher from the $2,120 support zone.</li> 
 <li>The price is trading above $2,200 and the 100-hourly Simple Moving Average.</li> 
 <li>There was a break above a key bearish trend line with resistance near $2,210 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could climb further higher if it clears the $2,250 resistance zone.</li> 
</ul> 
<h2 id="ethereum-price-restarts-increase">Ethereum Price Restarts Increase</h2> 
Ethereum price extended its decline below the $2,150 level. ETH remained strong above the $2,120 level. A low was formed near $2,116 and the price started a fresh increase, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-rallies-43500/" target="_blank" rel="noopener ">Bitcoin</a>. 
There was a move above the $2,150 and $2,200 resistance levels. The price climbed above the 50% Fib retracement level of the downward move from the $2,332 swing high to the $2,116 low. There was also a break above a <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-correction-2k/" target="_blank" rel="noopener ">key bearish trend line</a> with resistance near $2,210 on the hourly chart of ETH/USD. 
Ethereum is now trading above $2,200 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $2,250 level. It is close to the 61.8% Fib retracement level of the downward move from the $2,332 swing high to the $2,116 low. 
<a href="https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-10.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-565934" src="https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-10.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-10.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-10.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-10.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-10.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-10.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-10.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-10.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 $2,280 level. A clear move above the $2,280 zone could send the price toward the $2,330 level. The next resistance sits at $2,400. Any more gains could start a wave toward the $2,550 level, above which Ethereum might rally and test the $2,750 zone. 
<h2 id="another-decline-in-eth">Another Decline in ETH?</h2> 
If Ethereum fails to clear the $2,250 resistance, it could start another decline. Initial support on the downside is near the $2,210 level or the 100 hourly SMA. 
The first key support could be the $2,200 zone. A downside break and a close below $2,200 might start another major decline. In the stated case, Ether could revisit the $2,120 support. Any more losses might send the price toward the $2,000 level in the coming days. 
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 – $2,250

Ethereum Price Restarts Increase But Can Bulls Turn It Into Rally?

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