Ethereum

Bitcoin

Resistance

Ethereum price jumped above the $2,280 resistance zone. ETH could gain bullish momentum if it clears the $2,330 resistance zone. 
<ul> 
 <li>Ethereum started a decent increase above the $2,250 resistance zone.</li> 
 <li>The price is trading above $2,280 and the 100-hourly Simple Moving Average.</li> 
 <li>There was a break above a connecting bearish trend line with resistance near $2,260 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair might struggle to clear the $2,325 resistance zone and might correct lower.</li> 
</ul> 
<h2 id="ethereum-price-revisits-resistance">Ethereum Price Revisits Resistance</h2> 
Ethereum price started a decent increase above the $2,250 resistance zone. ETH cleared the $2,280 resistance zone like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-regains-strength-45k/" target="_blank" rel="noopener ">Bitcoin</a> to start a steady recovery wave. 
The bulls even pushed the price above the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-recovery-2300/" target="_blank" rel="noopener ">$2,300 resistance</a>. There was a break above a connecting bearish trend line with resistance near $2,260 on the hourly chart of ETH/USD. A new weekly high was formed near $2,327 and the price is now consolidating gains. 
It is now trading above the 23.6% Fib retracement level of the upward move from the $2,234 swing low to the $2,327 high. Ethereum is also trading above $2,280 and the 100-hourly Simple Moving Average. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_787b3c.png?resize=1024%2C449"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-572242" src="https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_787b3c.png?resize=1024%2C449" alt="Ethereum Price" width="1024" height="449" srcset="https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_787b3c.png?resize=1024%2C449?w=1950 1950w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_787b3c.png?resize=1024%2C449?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_787b3c.png?resize=1024%2C449?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_787b3c.png?resize=1024%2C449?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_787b3c.png?resize=1024%2C449?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_787b3c.png?resize=1024%2C449?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_787b3c.png?resize=1024%2C449?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> 
On the upside, the first major resistance is near the $2,330 level. The next major resistance is near $2,350, above which the price might rise and test the $2,420 resistance. If the bulls push the price above the $2,420 resistance, they could aim for $2,450. A clear move above the $2,450 level might start a decent increase. In the stated case, the price could rise toward the $2,550 level. 
<h2 id="another-bearish-wave-in-eth">Another Bearish Wave in ETH?</h2> 
If Ethereum fails to clear the $2,330 resistance, it could start another decline. Initial support on the downside is near the $2,300 level. 
The next key support could be the $2,280 zone or the 50% Fib retracement level of the upward move from the $2,234 swing low to the $2,327 high. A daily close below the $2,280 support might start another major decline. In the stated case, Ether could test the $2,200 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 – $2,280 
Major Resistance Level – $2,330

Ethereum Price Loses Steam – This Resistance Could Spark Another Decline

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