Ethereum

Resistance

Gains

Ethereum price extended its increase above the $2,320 resistance zone. ETH is correcting gains but the 100 hourly SMA might provide support and start a fresh increase. 
<ul> 
 <li>Ethereum started an extended recovery wave above the $2,320 resistance zone.</li> 
 <li>The price is trading above $2,300 and the 100-hourly Simple Moving Average.</li> 
 <li>There was a break below a key bullish trend lien with support at $2,325 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair might start a fresh increase if it manages to stay above the $2,300 level.</li> 
</ul> 
<h2 id="ethereum-price-holds-support">Ethereum Price Holds Support</h2> 
Ethereum price remained in a positive zone above the $2,250 resistance zone. ETH cleared the $2,320 resistance to move further into a positive zone, outperforming <a href="https://www.newsbtc.com/analysis/btc/bitcoin-bulls-keep-pushing-43800/" target="_blank" rel="noopener ">Bitcoin</a>. 
The price traded close to the $2,400 level. A high was formed near $2,390 and the price is now correcting gains. There was a move below the $2,350 level. The price broke the 50% Fib retracement level of the upward move from the $2,235 swing low to the $2,390 high. 
Besides, there was a break below a key bullish trend lien with support at $2,325 on the hourly chart of ETH/USD. However, Ethereum is still above $2,300 and the <a href="https://www.newsbtc.com/all/ethereum-price-loses-steam-2330/" target="_blank" rel="noopener ">100-hourly Simple Moving Average</a>. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_dcdb0b.png?resize=1024%2C449"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-572491" src="https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_dcdb0b.png?resize=1024%2C449" alt="Ethereum Price" width="1024" height="449" srcset="https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_dcdb0b.png?resize=1024%2C449?w=1950 1950w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_dcdb0b.png?resize=1024%2C449?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_dcdb0b.png?resize=1024%2C449?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_dcdb0b.png?resize=1024%2C449?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_dcdb0b.png?resize=1024%2C449?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_dcdb0b.png?resize=1024%2C449?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_dcdb0b.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 $2,325 level. The next major resistance is near $2,350, above which the price might rise and test the $2,400 resistance. If the bulls push the price above the $2,400 resistance, they could aim for $2,450. A clear move above the $2,450 level might send the price further higher. In the stated case, the price could rise toward the $2,550 level. 
<h2 id="more-losses-in-eth">More Losses in ETH?</h2> 
If Ethereum fails to clear the $2,325 resistance, it could continue to move down. Initial support on the downside is near the $2,300 level and the 100 hourly SMA. 
The next key support could be the $2,295 zone or the 61.8% Fib retracement level of the upward move from the $2,235 swing low to the $2,390 high. A daily close below the $2,295 support might start another steady 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 gaining 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 – $2,325

Ethereum Price Trims Gains But 100 SMA Could Trigger Fresh Increase

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