Ethereum

Momentum

Resistance

Ethereum price retested the $2,440 resistance zone. ETH is consolidating gains and might soon attempt a fresh increase toward the $2,600 level. 
<ul> 
 <li>Ethereum gained strength for a move above the $2,350 level.</li> 
 <li>The price is trading above $2,350 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a key bullish trend line forming with support near $2,360 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could continue to rise if there is a clear move above $2,430 and $2,440.</li> 
</ul> 
<h2 id="ethereum-price-remains-supported">Ethereum Price Remains Supported</h2> 
Ethereum price started a decent increase above the $2,300 level, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-seems-unstoppable-48k/" target="_blank" rel="noopener ">Bitcoin</a>. ETH gained pace for a move above the $2,350 level to move into a positive zone. 
The price even climbed above the $2,400 level. However, the bears appeared near the <a href="https://www.newsbtc.com/analysis/eth/ethereum-bulls-sight-high-2024/" target="_blank" rel="noopener ">$2,440 resistance zone</a>. A high was formed near $2,430 and the price is now correcting gains. There was a move below the $2,400 level. The price declined below the 23.6% Fib retracement level of the upward move from the $2,260 swing low to the $2,430 high. 
However, Ethereum is still above $2,350 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support near $2,360 on the hourly chart of ETH/USD. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-2.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-567779" src="https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-2.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-2.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-2.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-2.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-2.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-2.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-2.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-2.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> 
On the upside, the price is facing resistance near the $2,390 level. The first major resistance is now near $2,440. A close above the $2,440 resistance could send the price toward $2,500. The next key resistance is near $2,550. If there is a clear move above $2,550, there could be a drift toward $2,620. The next resistance sits at $2,650, above which Ethereum might rally and test the $2,800 zone. 
<h2 id="more-downsides-in-eth">More Downsides in ETH?</h2> 
If Ethereum fails to clear the $2,440 resistance, it could continue to move down. Initial support on the downside is near the $2,360 level and the trend line. 
The first key support could be the $2,350 zone or the 50% Fib retracement level of the upward move from the $2,260 swing low to the $2,430 high. A downside break and a close below $2,350 might start another steady decline. In the stated case, Ether could test the $2,265 support. Any more losses might send the price toward the $2,200 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 above the 50 level. 
Major Support Level – $2,350 
Major Resistance Level – $2,440

Ethereum Price Momentum Reignites: Technical Signals Potential Surge To $2,600

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