Ethereum

Bitcoin

Resistance

Ethereum price is attempting a fresh increase above the $2,550 level. ETH could continue to move up unless there is a drop below the $2,525 support. 
<ul> 
 <li>Ethereum is attempting a fresh increase above the $2,520 level.</li> 
 <li>The price is trading above $2,520 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a connecting bullish trend line forming with support at $2,540 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could continue to move up if it clears the $2,600 and $2,620 resistance levels.</li> 
</ul> 
<h2 id="ethereum-price-holds-support">Ethereum Price Holds Support</h2> 
Ethereum price remained well-supported above the $2,450 level. ETH outperformed <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-signals-recovery-44000/" target="_blank" rel="noopener ">Bitcoin</a> and started a fresh increase above the $2,500 resistance zone. 
There was a move above the $2,550 resistance and the 100-hourly Simple Moving Average. The price even broke the $2,600 level before the bears appeared. A high is formed near $2,614 and the price is now correcting gains. There was a minor move below the 23.6% Fib retracement level of the upward move from the $2,471 swing low to the $2,614 high. 
Ethereum is still trading above $2,520 and the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-rangebound-2440/" target="_blank" rel="noopener ">100-hourly Simple Moving Average</a>. There is also a connecting bullish trend line forming with support at $2,540 on the hourly chart of ETH/USD. It is close to the 50% Fib retracement level of the upward move from the $2,471 swing low to the $2,614 high. 
On the upside, the price is facing resistance near the $2,600 level. The next major resistance is now near $2,620. A clear move above the $2,620 level might start a decent increase. In the stated case, the price could rise toward the $2,665 level. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_4c2e1e.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-569898" src="https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_4c2e1e.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_4c2e1e.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_4c2e1e.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_4c2e1e.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_4c2e1e.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_4c2e1e.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_4c2e1e.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_4c2e1e.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 main breakout zone is now forming near the $2,710 zone. A close above the $2,710 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="fresh-decline-in-eth">Fresh Decline in ETH?</h2> 
If Ethereum fails to clear the $2,620 resistance, it could start another decline. Initial support on the downside is near the $2,550 level and the trend line. 
The next key support could be the $2,500 zone. A downside break below the $2,500 support might send the price further lower. In the stated case, Ether could test the $2,450 support. Any more losses might send the price toward the $2,350 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 – $2,540 
Major Resistance Level – $2,620

Ethereum Price Grinds Higher, Is This The Start Bulls Were Waiting For?

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