Ethereum

Bitcoin

Resistance

Ethereum price struggled to clear $2,720 and corrected gains. ETH is now struggling to stay above the key $2,440 support zone and might extend losses. 
<ul> 
 <li>Ethereum climbed further higher toward $2,720 before the bears appeared.</li> 
 <li>The price is trading below $2,550 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a connecting bearish trend line forming with resistance near $2,520 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could start a downside thrust if it breaks the $2,440 support zone.</li> 
</ul> 
<h2 id="ethereum-price-revisits-support">Ethereum Price Revisits Support</h2> 
Ethereum price outpaced <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-turns-at-risk-40k/" target="_blank" rel="noopener ">Bitcoin</a> and extended its increase above the $2,550 resistance. ETH even broke the $2,600 zone and spiked above $2,700. Finally, the beards appeared near the $2,720 resistance. 
A new multi-week high was formed near $2,716 before the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-holds-ground-2580/" target="_blank" rel="noopener ">price corrected gains</a>. There was a move below the $2,600 and $2,550 levels. The price declined below the 23.6% Fib retracement level of the upward move from the $2,170 swing low to the $2,716 high. 
Ethereum is now trading below $2,550 and the 100-hourly Simple Moving Average. If there is a fresh increase, the price might face resistance near the $2,520 level. There is also a connecting bearish trend line forming with resistance near $2,520 on the hourly chart of ETH/USD. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-10.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-569537" src="https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-10.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-10.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-10.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-10.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-10.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-10.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-10.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-10.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 major resistance is now near $2,585. A clear move above the $2,585 level might send ETH toward $2,650. The main resistance is now forming near the $2,720 level. A close above the $2,720 resistance could push the price further into a bullish zone. The next key resistance is near $2,780. Any more gains might send the price toward the $2,880 zone. 
<h2 id="more-losses-in-eth">More Losses in ETH?</h2> 
If Ethereum fails to clear the $2,520 resistance, it could continue to move down. Initial support on the downside is near the $2,440 level or the 50% Fib retracement level of the upward move from the $2,170 swing low to the $2,716 high. 
The next key support could be the $2,350 zone. A downside break below the $2,350 support might send the price further lower. In the stated case, Ether could test the $2,300 support. Any more losses might send the price toward the $2,240 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 below the 50 level. 
Major Support Level – $2,440 
Major Resistance Level – $2,585

Ethereum Price Faces Crucial Test: Will $2,440 Withstand the Pressure?

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