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 noreferrer nofollow">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 noreferrer nofollow">$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" rel="noopener noreferrer nofollow"><img loading="lazy" src="https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-18.png?resize=1024%2C449" alt="Ethereum Price" width="1024" height="449"></a>
Source: <a href="https://www.tradingview.com/symbols/ETHUSD/" target="_blank" rel="noopener noreferrer 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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