Ethereum

Resistance

Ethereum price is struggling to clear the $2,300 resistance zone. ETH is showing a few bearish signs and might decline toward the $2,080 support. 
<ul> 
 <li>Ethereum is still struggling to clear the $2,280 and $2,300 resistance levels.</li> 
 <li>The price is trading below $2,260 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a connecting bearish trend line forming with resistance near $2,240 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could extend its decline if it stays below the $2,300 resistance zone.</li> 
</ul> 
<h2 id="ethereum-price-faces-major-hurdle">Ethereum Price Faces Major Hurdle</h2> 
Ethereum price attempted a fresh increase above the $2,200 level, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-plunge-imminent-42150/" target="_blank" rel="noopener ">Bitcoin</a>. ETH climbed above the $2,250 and $2,260 levels. However, the bears were active near $2,300 and the 100-hourly Simple Moving Average. 
A high was formed near $2,289 and the price recently saw a <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-tops-at-2300/" target="_blank" rel="noopener ">bearish reaction</a>. There was a move below the $2,250 level. The price traded below the 23.6% Fib retracement level of the upward wave from the $1,860 swing low to the $2,289 high. 
Ethereum is now trading below $2,260 and the 100-hourly Simple Moving Average. There is also a connecting bearish trend line forming with resistance near $2,240 on the hourly chart of ETH/USD. 
If there is a fresh increase, the price might face resistance near the $2,250 level and the trend line. The first major resistance is now near $2,280. The next major hurdle sits at $2,300. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-5.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-568466" src="https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-5.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-5.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-5.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-5.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-5.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-5.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-5.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-5.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 start a decent upward move. The next key resistance is near $2,400. If the bulls push Ethereum above $2,400, there could be a rally toward $2,500. Any more gains might send the price toward the $2,620 zone. 
<h2 id="more-losses-in-eth">More Losses in ETH?</h2> 
If Ethereum fails to clear the $2,250 resistance, it could start a fresh decline. Initial support on the downside is near the $2,120 level. 
The first key support could be the $2,080 zone or the 50% Fib retracement level of the upward wave from the $1,860 swing low to the $2,289 high. A downside break and a close below $2,080 might spark strong bearish moves. In the stated case, Ether could test the $2,020 support. Any more losses might send the price toward the $1,960 level. 
Technical Indicators 
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone. 
Hourly RSI – The RSI for ETH/USD is now below the 50 level. 
Major Support Level – $2,080 
Major Resistance Level – $2,280

Ethereum Price Signals Bearish Rection, Why ETH Could Drop 5%

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