Ethereum

Resistance

Ethereum price is consolidating gains below the $2,350 resistance zone. ETH could revisit the $2,200 support before it starts a fresh increase. 
<ul> 
 <li>Ethereum is still holding gains above the $2,250 support zone.</li> 
 <li>The price is trading below $2,280 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a connecting bearish trend line forming with resistance near $2,290 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could extend its decline and revisit the $2,200 support zone.</li> 
</ul> 
<h2 id="ethereum-price-remains-in-a-range">Ethereum Price Remains In A Range</h2> 
Ethereum price started a <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-dips-2220/" target="_blank" rel="noopener ">downside correction</a> from the $2,350 level. ETH declined below the $2,320 and $2,300 levels. It even spiked below the $2,250 level. 
A low was formed near $2,247 and the price is now attempting a fresh increase, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-eyes-45k/" target="_blank" rel="noopener ">Bitcoin</a>. There was a move above the $2,265 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $2,327 swing high to the $2,247 low. 
Ethereum is now trading below $2,280 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $2,290 level. There is also a connecting bearish trend line forming with resistance near $2,290 on the hourly chart of ETH/USD. 
The trend line is close to the 50% Fib retracement level of the downward move from the $2,327 swing high to the $2,247 low. A close above the $2,290 resistance could send the price toward $2,320. 
<a href="https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-16.png?resize=1024%2C449"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-566933" src="https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-16.png?resize=1024%2C449" alt="Ethereum Price" width="1024" height="449" srcset="https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-16.png?resize=1024%2C449?w=1950 1950w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-16.png?resize=1024%2C449?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-16.png?resize=1024%2C449?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-16.png?resize=1024%2C449?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-16.png?resize=1024%2C449?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-16.png?resize=1024%2C449?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-16.png?resize=1024%2C449?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 main resistance sits at $2,350. A clear move above the $2,350 zone could start a major increase. The next resistance sits at $2,420, above which Ethereum might rally and test the $2,550 zone. 
<h2 id="more-losses-in-eth">More Losses in ETH?</h2> 
If Ethereum fails to clear the $2,290 resistance, it could start a fresh decline. Initial support on the downside is near the $2,250 level. 
The first key support could be the $2,220 zone. A downside break and a close below $2,220 might spark more bearish moves. In the stated case, Ether could revisit the $2,120 support. Any more losses might send the price toward the $2,040 level. 
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 below the 50 level. 
Major Support Level – $2,220 
Major Resistance Level – $2,290

Ethereum Price Relatively Muted But Approaches Crucial Breakout

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