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<ul> 
 <li><strong>Ethereum faces resistance at $2,520, crucial for bullish momentum.</strong></li> 
 <li><strong>Santiment highlights Ethereum’s +22.4% dominance over Bitcoin in one week.</strong></li> 
</ul> 
<p>Ethereum, the second-largest cryptocurrency, is at a crucial crossroads as it grapples with resistance levels and shifting market dynamics. Over the past week, ETH has experienced a 5% decline, currently trading at $2,462, with a 2.38% dip in the last 24 hours.</p> 
<p>Ethereum’s recent struggles to surpass $2,550 and $2,580 mirror the BTC bears’ fight against negative market sentiment post-Bitcoin ETFs. The bears remain active as ETH trades below the $2,500 mark and the 100-hourly Simple Moving Average. Meanwhile, the trading volume is at $11 billion, reflecting a 14% daily increase.</p> 
<p>Notably, Ethereum witnessed a bullish trend since the second week of January. Ethereum’s notable <a href="https://thenewscrypto.com/ethereum-faces-bearish-pressure-as-brief-correction-underway/">price</a> surge from $2,170 to $2,714 during this period has distinguished it from the ongoing volatility of other altcoins. It is in a bearish trap amid Whale accumulation data from December 2023, suggesting a preference for Ethereum among ‘smart money’ investors.</p> 
<p>Crucially, on-chain analytics firm Santiment highlights Ethereum’s dominance over <a href="https://thenewscrypto.com/bitcoin-mining-achieves-54-5-ath-sustainable-energy-usage/">Bitcoin</a>, with a significant increase of +22.4% in just one week. The network is experiencing robust growth, averaging 89.4K new ETH addresses daily. Ethereum’s diminishing presence in exchange supplies further supports a positive outlook.</p> 
<h3 class="wp-block-heading" id="h-eth-short-term-analysis">ETH Short-term Analysis</h3> 
<p>Analysts are closely watching key resistance levels, with the $2,520 threshold considered crucial for potential bullish momentum. A breach above this level could pave the way for a rally towards $2,580, followed by major hurdles at $2,620 and $2,680.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large">
  <img loading="lazy" decoding="async" width="1024" height="458" src="https://thenewscrypto.com/wp-content/uploads/2024/01/ETHUSDT_2024-01-19_11-47-52-1024x458.png" alt="" class="wp-image-89666" srcset="https://thenewscrypto.com/wp-content/uploads/2024/01/ETHUSDT_2024-01-19_11-47-52-1024x458.png 1024w, https://thenewscrypto.com/wp-content/uploads/2024/01/ETHUSDT_2024-01-19_11-47-52-300x134.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/01/ETHUSDT_2024-01-19_11-47-52-768x343.png 768w, https://thenewscrypto.com/wp-content/uploads/2024/01/ETHUSDT_2024-01-19_11-47-52.png 1515w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   ETH Price Chart, Source: TradingView
  </figcaption>
 </figure>
</div> 
<p>On the downside, failure to clear $2,520 might trigger further declines, with initial support at $2,440 and a more significant level at $2,425. A breach of the latter could lead to a test of the $2,350 support, potentially marking a deeper correction.</p>

Ethereum Dips Below $2500. Will ETH Fall More?

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