Ethereum

Resistance

Ethereum price extended losses and tested the $2,300 support. ETH is now attempting a recovery wave above the $2,340 level and might test $2,390.
<ul>
 <li>Ethereum started a fresh decline below the $2,420 and $2,400 levels.</li>
 <li>The price is trading below $2,400 and the 100-hourly Simple Moving Average.</li>
 <li>There was a break above a connecting bearish trend line with resistance near $2,340 on the hourly chart of ETH/USD (data feed via Kraken).</li>
 <li>The pair attempt a fresh increase if it clears the $2,390 and $2,400 levels.</li>
</ul>
<h2 id="ethereum-price-revisits-2-300">Ethereum Price Revisits $2,300</h2>
Ethereum price struggled to start a fresh increase above the $2,550 and $2,580 resistance levels. ETH started a fresh decline and traded below the $2,400 support like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-dives-below-40k/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a>.
There was a move below the $2,350 level. A new weekly low was formed near $2,302 and the price is now consolidating losses. There was a minor increase above the $2,330 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $2,479 swing high to the $2,302 low.
There was also a break above a connecting bearish trend line with resistance near $2,340 on the hourly chart of ETH/USD. Ethereum is now trading below $2,400 and the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-dips-2425/" target="_blank" rel="noopener noreferrer nofollow">100-hourly Simple Moving Average</a>. On the upside, the price is facing resistance near the $2,365 level.
The next hurdle could be $2,390 or the 50% Fib retracement level of the downward move from the $2,479 swing high to the $2,302 low. The next major resistance is now near $2,400. A clear move above the $2,400 level might start a decent increase. In the stated case, the price could rise toward the $2,480 level.
<a href="https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_2c96d8.png?resize=1024%2C461" rel="noopener noreferrer nofollow"><img loading="lazy" src="https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_2c96d8.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461"></a>
Source: <a href="https://www.tradingview.com/symbols/ETHUSD/" target="_blank" rel="noopener noreferrer nofollow">ETHUSD on TradingView.com</a>
The next key hurdle sits near the $2,500 zone. A close above the $2,500 resistance could start another steady increase. In the stated case, Ether price could rise toward the $2,650 zone.
<h2 id="another-decline-in-eth">Another Decline in ETH?</h2>
If Ethereum fails to clear the $2,390 resistance, it could start another decline. Initial support on the downside is near the $2,320 level.
The next key support could be the $2,300 zone. A downside break below the $2,300 support might send the price further lower. In the stated case, Ether could test the $2,250 support. Any more losses might send the price toward the $2,200 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $2,300
Major Resistance Level – $2,390

Ethereum Price Reaches Support, Can ETH Start A Steady Increase Again?

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