Ethereum

Bitcoin

Resistance

Ethereum price struggled to rise above $2,550 and $2,580. ETH started a fresh decline like Bitcoin and traded below the $2,500 support zone. 
<ul> 
 <li>Ethereum attempted a fresh increase but failed to surpass $2,550.</li> 
 <li>The price is trading below $2,500 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a connecting bearish trend line forming with resistance near $2,480 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair continue to move down if there is a move below the $2,425 support.</li> 
</ul> 
<h2 id="ethereum-price-extends-decline">Ethereum Price Extends Decline</h2> 
Ethereum price struggled to gain pace for a move above the $2,550 and $2,580 resistance levels. ETH formed a short-term top and started a fresh decline below $2,500 like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-takes-hit-40k/" target="_blank" rel="noopener ">Bitcoin</a>. 
There was a move below the $2,450 level. A new weekly low was formed near $2,424 and the price is now consolidating <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-rejects-2600/" target="_blank" rel="noopener ">losses</a>. There was a minor increase above the $2,450 level, but the bears were active near the 23.6% Fib retracement level of the downward move from the $2,614 swing high to the $2,424 low. 
Ethereum is now trading below $2,500 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $2,465 level. The next hurdle could be $2,480. There is also a connecting bearish trend line forming with resistance near $2,480 on the hourly chart of ETH/USD. 
The next major resistance is now near $2,520. A clear move above the $2,520 level might start a decent increase. In the stated case, the price could rise toward the $2,580 level. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_db6ff6.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-570267" src="https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_db6ff6.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_db6ff6.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_db6ff6.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_db6ff6.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_db6ff6.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_db6ff6.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_db6ff6.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_db6ff6.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 hurdle sits near the $2,620 zone. A close above the $2,620 resistance could start another steady increase. The next key resistance is near $2,680. Any more gains might send the price toward the $2,720 zone. 
<h2 id="more-losses-in-eth">More Losses in ETH?</h2> 
If Ethereum fails to clear the $2,520 resistance, it could start another decline. Initial support on the downside is near the $2,440 level. 
The next key support could be the $2,425 zone. A downside break below the $2,425 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 $2,320 level. 
Technical Indicators 
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone. 
Hourly RSI – The RSI for ETH/USD is now below the 50 level. 
Major Support Level – $2,425 
Major Resistance Level – $2,520

Ethereum Price Dips Alongside Bitcoin, Decoding Key Hurdles To Fresh Increase

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