Ethereum

Strong

Bitcoin

Resistance

Gains

Ethereum price climbed higher above the $2,450 resistance. ETH outpaced Bitcoin and seems to be setting up for a larger increase toward $2,880. 
<ul> 
 <li>Ethereum is gaining pace above the $2,450 resistance level.</li> 
 <li>The price is trading above $2,500 and the 100-hourly Simple Moving Average.</li> 
 <li>There was a break above a key rising channel with resistance near $2,440 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair is already up over 5% and might rise further above the $2,650 resistance.</li> 
</ul> 
<h2 id="ethereum-price-gains-strength">Ethereum Price Gains Strength</h2> 
Ethereum price started a decent increase above the $2,350 resistance. Recently, BTC’s spot ETFs were approved. However, there was no major increase in <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-stuck-below-48k/" target="_blank" rel="noopener ">Bitcoin</a>, but ETH gained bullish momentum. 
There was a break above a <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-surge-above-2400/" target="_blank" rel="noopener ">key rising channel with resistance near $2,440</a> on the hourly chart of ETH/USD. The pair surged over 5% and even cleared the $2,500 resistance zone. There was a spike above the $2,600 resistance zone. A new multi-week high was formed near $2,642 and the price is now consolidating gains. 
There was a minor decline below $2,600, but Ethereum stayed above the 23.6% Fib retracement level of the recent rally from the $2,346 swing low to the $2,642 high. Ethereum is now trading above $2,500 and the 100-hourly Simple Moving Average. 
If there is a fresh increase, the price might face resistance near the $2,650 level. The next major resistance is now near $2,720. A clear move above the $2,720 level might send ETH toward $2,780. A close above the $2,780 resistance could push the price further into a bullish zone. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-8.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-569024" src="https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-8.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-8.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-8.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-8.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-8.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-8.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-8.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-8.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 $2,840. If the bulls push Ethereum above $2,840, there could be a rally toward $2,920. Any more gains might send the price toward the $3,000 zone. 
<h2 id="are-dips-limited-in-eth">Are Dips Limited in ETH?</h2> 
If Ethereum fails to clear the $2,650 resistance, it could start a downside correction. Initial support on the downside is near the $2,580 level. 
The first key support could be the $2,500 zone or the 50% Fib retracement level of the recent rally from the $2,346 swing low to the $2,642 high. A downside break and a close below $2,500 might send the price further lower. In the stated case, Ether could test the $2,440 support. Any more losses might send the price toward the $2,350 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 – $2,500 
Major Resistance Level – $2,650

Ethereum Price Rallies 5% and Outperforms Bitcoin – Is This Strong Bullish Sign?

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