Ethereum

Resistance

Ethereum price corrected lower and tested the $2,440 support. ETH is now trading in a range and facing hurdles near the $2,550 and $2,585 levels. 
<ul> 
 <li>Ethereum is attempting a fresh increase from the $2,450 level.</li> 
 <li>The price is trading just above $2,500 and the 100-hourly Simple Moving Average.</li> 
 <li>There was a break above a connecting bearish trend line with resistance near $2,510 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could gain bullish momentum if it clears the $2,550 and $2,585 resistance levels.</li> 
</ul> 
<h2 id="ethereum-price-holds-key-support">Ethereum Price Holds Key Support</h2> 
Ethereum price started a downside correction below the $2,620 support zone. ETH even declined below the $2,550 support, but the bulls were active near $2,440. A low was formed near $2,469 and the price is now trading in a range, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-consolidates-43250/" target="_blank" rel="noopener ">Bitcoin</a>. 
There was a minor increase above the $2,500 level. The price climbed above the 50% Fib retracement level of the recent decline from the $2,588 swing high to the $2,469 low. 
Besides, there was a break above a <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-faces-crucial-test-2440/" target="_blank" rel="noopener ">connecting bearish trend line</a> with resistance near $2,510 on the hourly chart of ETH/USD. Ethereum is now trading just above $2,500 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $2,540 level or the 61.8% Fib retracement level of the recent decline from the $2,588 swing high to the $2,469 low. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-11.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-569730" src="https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-11.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-11.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-11.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-11.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-11.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-11.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-11.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-11.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 start a decent increase. In the stated case, the price could rise toward the $2,650 level. The main resistance is now forming near the $2,720 level. A close above the $2,720 resistance could start another major increase. The next key resistance is near $2,780. Any more gains might send the price toward the $2,880 zone. 
<h2 id="another-drop-in-eth">Another Drop in ETH?</h2> 
If Ethereum fails to clear the $2,585 resistance, it could start another decline. Initial support on the downside is near the $2,495 level. 
The next key support could be the $2,445 zone. A downside break below the $2,445 support might send the price further lower. In the stated case, Ether could test the $2,380 support. Any more losses might send the price toward the $2,320 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 just above the 50 level. 
Major Support Level – $2,445 
Major Resistance Level – $2,585

Ethereum Price Rangebound – Can ETH Pump Again To Retest $2,700?

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