Ethereum

Bitcoin

Resistance

Ethereum price is attempting a recovery wave above the $2,240 zone. ETH could gain bullish momentum if it clears the $2,300 resistance zone. 
<ul> 
 <li>Ethereum started an upside correction above the $2,200 zone.</li> 
 <li>The price is trading above $2,240 and the 100-hourly Simple Moving Average.</li> 
 <li>There was a break above a connecting bearish trend line with resistance near $2,265 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair might start a steady increase if it clears the $2,300 resistance zone.</li> 
</ul> 
<h2 id="ethereum-price-regains-strength">Ethereum Price Regains Strength</h2> 
Ethereum price formed a base and started a recovery wave above the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-could-correction-2240/" target="_blank" rel="noopener ">$2,220 resistance zone</a>. ETH cleared the $2,240 resistance zone like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-restarts-increase-45k/" target="_blank" rel="noopener ">Bitcoin</a> to move into a short-term bullish zone. 
However, the bears were active near the $2,300 zone. A high was formed at $2,307 before there was a pullback. The price declined below the $2,280 level. It broke the 23.6% Fib retracement level of the recovery wave from the $2,170 swing low to the $2,307 low. 
The bulls are now active above the $2,240 support and the 50% Fib retracement level of the recovery wave from the $2,170 swing low to the $2,307 low. Recently, there was a break above a connecting bearish trend line with resistance near $2,265 on the hourly chart of ETH/USD. 
Ethereum is now trading above $2,240 and the 100-hourly Simple Moving Average. On the upside, the first major resistance is near the $2,280 level. The next major resistance is near $2,300, above which the price might rise and test the $2,350 resistance. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_d72696.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-572061" src="https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_d72696.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_d72696.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_d72696.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_d72696.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_d72696.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_d72696.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_d72696.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_d72696.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> 
If the bulls push the price above the $2,350 resistance, they could aim for $2,420. A clear move above the $2,420 level might start a decent increase. In the stated case, the price could rise toward the $2,550 level. 
<h2 id="another-decline-in-eth">Another Decline in ETH?</h2> 
If Ethereum fails to clear the $2,300 resistance, it could start another decline. Initial support on the downside is near the $2,240 level. 
The next key support could be the $2,220 zone. A daily close below the $2,220 support might start another major decline. In the stated case, Ether could test the $2,170 support. Any more losses might send the price toward the $2,120 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 – $2,220 
Major Resistance Level – $2,300

Ethereum Price Recovery Faces Major Barrier, Can Bulls Overcome Bears?

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