Ethereum

Resistance

Ethereum price is correcting gains from the $2,440 zone. ETH is correcting gains, but the bulls might remain active near the $2,300 and $2,240 support levels. 
<ul> 
 <li>Ethereum is correcting gains and trading below the $2,400 level.</li> 
 <li>The price is trading above $2,320 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a bullish flag forming with resistance near $2,360 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could start a fresh increase if there is a close above the $2,400 level.</li> 
</ul> 
<h2 id="ethereum-price-remains-supported">Ethereum Price Remains Supported</h2> 
Ethereum price climbed higher above the $2,320 resistance zone. ETH even broke the $2,400 level before the bears appeared. A high was formed near $2,441 before the price started a downside correction, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-faces-rejection-41550/" target="_blank" rel="noopener ">Bitcoin</a>. 
There was a move below the $2,400 and $2,380 levels. The price declined and tested the 50% Fib retracement level of the upward wave from the $2,180 swing low to the $2,441 high. The bulls seem to be active near the $2,320 support zone. 
Ethereum is now trading above $2,320 and the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-surges-2440/" target="_blank" rel="noopener ">100-hourly Simple Moving Average</a>. On the upside, the price is facing resistance near the $2,360 level. There is also a bullish flag forming with resistance near $2,360 on the hourly chart of ETH/USD. 
<a href="https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-19.png?resize=1024%2C449"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-567321" src="https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-19.png?resize=1024%2C449" alt="Ethereum Price" width="1024" height="449" srcset="https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-19.png?resize=1024%2C449?w=1950 1950w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-19.png?resize=1024%2C449?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-19.png?resize=1024%2C449?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-19.png?resize=1024%2C449?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-19.png?resize=1024%2C449?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-19.png?resize=1024%2C449?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-19.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 $2,400. A close above the $2,400 resistance could send the price toward $2,440. The next key resistance is near $2,500. A clear move above the $2,500 zone could start another increase. The next resistance sits at $2,620, above which Ethereum might rally and test the $2,750 zone. 
<h2 id="more-losses-in-eth">More Losses in ETH?</h2> 
If Ethereum fails to clear the $2,400 resistance, it could continue to move down. Initial support on the downside is near the $2,320 level and the 100 hourly SMA. 
The first key support could be the $2,240 zone or the 76.4% Fib retracement level of the upward wave from the $2,180 swing low to the $2,441 high. A downside break and a close below $2,240 might start another major decline. In the stated case, Ether could test the $2,165 support. Any more losses might send the price toward the $2,120 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 near the 50 level. 
Major Support Level – $2,320 
Major Resistance Level – $2,400

Ethereum Price Retreats From Highs But Technicals Suggest Upside Continuation

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