Ethereum

Bitcoin

Resistance

Ethereum price climbed higher above the $2,350 resistance. ETH outpaced Bitcoin and might even attempt a clear move above the $2,400 resistance. 
<ul> 
 <li>Ethereum is attempting a fresh increase above the $2,350 resistance level.</li> 
 <li>The price is trading above $2,320 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a key rising channel forming with support near $2,300 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could start a fresh surge if there is a close above the $2,400 level.</li> 
</ul> 
<h2 id="ethereum-price-starts-increase">Ethereum Price Starts Increase</h2> 
Ethereum price formed a base above the $2,220 level and started a <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-hurdle-2350/" target="_blank" rel="noopener ">fresh increase</a>. ETH saw a sharp upward move despite a drop in <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-rejects-48k/" target="_blank" rel="noopener ">Bitcoin</a> below $46,500. The price gained pace for a move above the $2,300 and $2,320 levels. 
It even broke the $2,350 resistance and tested the $2,400 zone. A high was formed near $2,399 and the price is now consolidating gains. There was a minor drop below $2,360. The price declined below the 23.6% Fib retracement level of the recent increase from the $2,243 swing low to the $2,399 high. 
Ethereum is now trading above $2,320 and the 100-hourly Simple Moving Average. There is also a key rising channel forming with support near $2,300 on the hourly chart of ETH/USD. 
If there is a fresh increase, the price might face resistance near the $2,380 level. The next major resistance is now near $2,400. A clear move above the $2,400 level might send ETH toward $2,440. A close above the $2,440 resistance could start a decent upward move. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-7.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-568818" src="https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-7.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-7.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-7.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-7.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-7.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-7.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-7.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-7.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> 
The next key resistance is near $2,550. If the bulls push Ethereum above $2,550, there could be a rally toward $2,720. Any more gains might send the price toward the $2,800 zone. 
<h2 id="another-decline-in-eth">Another Decline in ETH?</h2> 
If Ethereum fails to clear the $2,400 resistance, it could start a fresh decline. Initial support on the downside is near the $2,320 level or the 50% Fib retracement level of the recent increase from the $2,243 swing low to the $2,399 high. 
The first key support could be the $2,300 zone. A downside break and a close below $2,300 might send the price further lower. In the stated case, Ether could test the $2,240 support. Any more losses might send the price toward the $2,150 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 – $2,300 
Major Resistance Level – $2,400

Ethereum Price Technical Setup Suggests Fresh Surge Above $2,400

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