Ethereum

Rally

Resistance

Ethereum price is gaining pace above the $2,320 resistance zone. ETH is up over 5% and it seems like ETH is finally outperforming Bitcoin. 
<ul> 
 <li>Ethereum is gaining pace and trading above the $2,300 support zone.</li> 
 <li>The price is trading above $2,350 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a connecting bullish trend line forming with support at $2,380 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could extend its rally toward the $2,500 and $2,550 resistance levels.</li> 
</ul> 
<h2 id="ethereum-price-starts-fresh-rally">Ethereum Price Starts Fresh Rally</h2> 
Ethereum price extended its decline below the $2,250 level. ETH even spiked below the $2,200 level before the bulls appeared. A low was formed near $2,180 and the price started a strong increase, outperforming <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-regains-strength-43500/" target="_blank" rel="noopener ">Bitcoin</a>. 
There was a move above the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-hints-at-potential-correction-buy-the-dip/" target="_blank" rel="noopener ">$2,250 and $2,280 resistance levels</a>. The bulls even pumped the price above the $2,350 resistance. A new multi-day high is formed near $2,441 and the price is now consolidating gains. The price is now trading above the 23.6% Fib retracement level of the upward move from the $2,180 swing low to the $2,441 high. 
Ethereum is now trading above $2,350 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $2,440 level. 
<a href="https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-18.png?resize=1024%2C449"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-567195" src="https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-18.png?resize=1024%2C449" alt="Ethereum Price" width="1024" height="449" srcset="https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-18.png?resize=1024%2C449?w=1950 1950w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-18.png?resize=1024%2C449?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-18.png?resize=1024%2C449?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-18.png?resize=1024%2C449?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-18.png?resize=1024%2C449?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-18.png?resize=1024%2C449?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-18.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 first major resistance is now near $2,500. A close above the $2,500 resistance could send the price toward $2,500. The next key resistance is near $2,620. A clear move above the $2,620 zone could start another increase. The next resistance sits at $2,700, above which Ethereum might rally and test the $2,800 zone. 
<h2 id="downside-correction-in-eth">Downside Correction in ETH?</h2> 
If Ethereum fails to clear the $2,440 resistance, it could start a fresh decline. Initial support on the downside is near the $2,380 level and the trend line. 
The first key support could be the $2,320 zone or the 50% Fib retracement level of the upward move from the $2,180 swing low to the $2,441 high. A downside break and a close below $2,320 might spark more bearish moves. In the stated case, Ether could revisit the $2,200 support. Any more losses might send the price toward the $2,120 level. 
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 – $2,320 
Major Resistance Level – $2,440

Ethereum Price Surges 5% As ETH Bulls Finally Take Over, $2,550 Next?

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