Ethereum

Bitcoin

Resistance

Ethereum price tumbled and spiked below $2,000 on Kraken. ETH is now recovering above the $2,200 level, but the bears might be active near $2,300. 
<ul> 
 <li>Ethereum started a major decline and dived below the $2,200 support.</li> 
 <li>The price is trading below $2,300 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a connecting bearish trend line forming with resistance near $2,300 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 $2,290 and $2,300.</li> 
</ul> 
<h2 id="ethereum-price-nosedives">Ethereum Price Nosedives</h2> 
Ethereum price struggled to settle above the $2,400 resistance zone. ETH also started a major decline like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-takes-major-hit-40k/" target="_blank" rel="noopener ">Bitcoin</a> and broke the $2,200 support zone. 
There was a sharp decline and the price even spiked below the $2,000 support zone. A new yearly low was formed near $1,860 and the price is now recovering losses. There was a decent increase above the $2,000 and $2,080 resistance levels. 
The price climbed above the 50% Fib retracement level of the downward move from the $2,430 swing high to the $1,860 low. However, Ethereum is still below $2,300 and the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-momentum-reignites-technical-signals-potential-surge-to-2600/" target="_blank" rel="noopener ">100-hourly Simple Moving Average</a>. 
On the upside, the price is facing resistance near the $2,290 level. The first major resistance is now near $2,300. There is also a connecting bearish trend line forming with resistance near $2,300 on the hourly chart of ETH/USD. The trend line is close to the 76.4% Fib retracement level of the downward move from the $2,430 swing high to the $1,860 low. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-3.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-567961" src="https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-3.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-3.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-3.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-3.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-3.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-3.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-3.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-3.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> 
A close above the $2,300 resistance could send the price toward $2,400. The next key resistance is near $2,440. If there is a clear move above $2,400, there could be a drift toward $2,500. The next resistance sits at $2,500, above which Ethereum might rally and test the $2,620 zone. 
<h2 id="fresh-decline-in-eth">Fresh Decline in ETH?</h2> 
If Ethereum fails to clear the $2,300 resistance, it could start a fresh decline. Initial support on the downside is near the $2,200 level. 
The first key support could be the $2,080 zone. A downside break and a close below $2,080 might start another steady decline. In the stated case, Ether could test the $2,000 support. Any more losses might send the price toward the $1,860 level. 
Technical Indicators 
Hourly MACD – The MACD for ETH/USD is regaining momentum in the bullish zone. 
Hourly RSI – The RSI for ETH/USD is now above the 50 level. 
Major Support Level – $2,180 
Major Resistance Level – $2,300

Ethereum Price Recovers Ground But Upsides Might Be Limited Above $2,300

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