Ethereum

Resistance

Ethereum price is attempting a recovery wave above the $2,200 zone. ETH could start a decent increase if it settles above the $2,240 resistance. 
<ul> 
 <li>Ethereum started an upside correction from the $2,165 zone.</li> 
 <li>The price is trading below $2,250 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a short-term bearish trend line forming with resistance near $2,225 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair might start a decent increase if it clears the $2,240 resistance zone.</li> 
</ul> 
<h2 id="ethereum-price-eyes-recovery">Ethereum Price Eyes Recovery</h2> 
Ethereum price managed to form a support base above the $2,165 level. ETH seems to be consolidating losses near the $2,200 level and might aim for a recovery wave, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-eyes-recovery-40250/" target="_blank" rel="noopener ">Bitcoin</a>. 
There was a minor upside correction above the $2,200 level, but the bears are still active near the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-holding-2165/" target="_blank" rel="noopener ">$2,240 resistance zone</a>. There is also a short-term bearish trend line forming with resistance near $2,225 on the hourly chart of ETH/USD. 
Ethereum is now trading below $2,250 and the 100-hourly Simple Moving Average. On the upside, the first major resistance is near the $2,240 level. It is close to the 23.6% Fib retracement level of the key drop from the $2,480 swing high to the $2,165 low. 
The next major resistance is near the $2,280 or the 100-hourly Simple Moving Average, above which the price might rise and test the 50% Fib retracement level of the key drop from the $2,480 swing high to the $2,165 low. If the bulls push the price above the $2,320 resistance, they could aim for $2,360. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_059e24.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-571731" src="https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_059e24.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_059e24.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_059e24.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_059e24.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_059e24.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_059e24.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_059e24.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_059e24.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> 
A clear move above the $2,360 level might start a decent increase. In the stated case, the price could rise toward the $2,420 level. Any more gains might send the price toward the $2,500 zone. 
<h2 id="another-failure-in-eth">Another Failure in ETH?</h2> 
If Ethereum fails to clear the $2,240 resistance, it could start another decline. Initial support on the downside is near the $2,200 level. 
The next key support could be the $2,165 zone. A daily close below the $2,165 support might start another major decline. In the stated case, Ether could test the $2,080 support. Any more losses might send the price toward the $2,000 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 above the 50 level. 
Major Support Level – $2,165 
Major Resistance Level – $2,240

Ethereum Price Could See Technical Correction But Upsides Might Be Limited

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