Ethereum

Rally

Bitcoin

Resistance

Ethereum price climbed higher above the $2,600 resistance. ETH outpaced Bitcoin and is holding gains above the $2,580 support zone. 
<ul> 
 <li>Ethereum extended its increase above the $2,650 resistance zone.</li> 
 <li>The price is trading above $2,550 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a key bullish trend line forming with support at $2,590 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could start a downside correction if there is a move below the $2,580 support.</li> 
</ul> 
<h2 id="ethereum-price-eyes-more-upsides">Ethereum Price Eyes More Upsides</h2> 
Ethereum price remained in a positive zone above the $2,500 resistance. ETH even outpaced <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-struggles-below-48k/" target="_blank" rel="noopener ">BTC</a> and climbed above the $2,650 resistance zone. A new multi-week high was formed near $2,683 before the price corrected gains. 
There was a move below the $2,620 and $2,600 levels. The price tested the 23.6% Fib retracement level of the upward move from the $2,245 swing low to the $2,683 high. There is also a key bullish trend line forming with support at $2,590 on the hourly chart of ETH/USD. 
Ethereum is now trading above $2,550 and the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-rallies-2650/" target="_blank" rel="noopener ">100-hourly Simple Moving Average</a>. If there is a fresh increase, the price might face resistance near the $2,640 level. The next major resistance is now near $2,680. A clear move above the $2,680 level might send ETH toward $2,720. A close above the $2,720 resistance could push the price further into a bullish zone. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-9.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-569191" src="https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-9.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-9.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-9.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-9.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-9.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-9.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-9.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-9.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 $2,780. If the bulls push Ethereum above $2,780, there could be a rally toward $2,880. Any more gains might send the price toward the $3,000 zone. 
<h2 id="downside-correction-in-eth">Downside Correction in ETH?</h2> 
If Ethereum fails to clear the $2,680 resistance, it could start a downside correction. Initial support on the downside is near the $2,590 level and the trend line. 
The first key support could be the $2,465 zone or the 50% Fib retracement level of the upward move from the $2,245 swing low to the $2,683 high. A downside break below the $2,465 support might send the price further lower. In the stated case, Ether could test the $2,350 support. Any more losses might send the price toward the $2,220 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 – $2,465 
Major Resistance Level – $2,680

Ethereum Price Holds Ground As Indicators Suggest Rally To $2,800

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