Ethereum

Resistance

Ethereum price started a fresh decline from the $2,350 resistance. ETH is now testing the $2,240 support and remains at risk of more downsides. 
<ul> 
 <li>Ethereum started a fresh decline after it failed to surpass the $2,350 resistance zone.</li> 
 <li>The price is trading below $2,300 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a key bearish trend line forming with resistance near $2,300 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 $2,240 level.</li> 
</ul> 
<h2 id="ethereum-price-eyes-fresh-increase">Ethereum Price Eyes Fresh Increase</h2> 
Ethereum price attempted a fresh increase above the $2,320 resistance zone. However, ETH struggled to gain strength for a move above the $2,350 resistance zone, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-decline-41800/" target="_blank" rel="noopener ">Bitcoin</a>. 
A high was formed near $2,350 and the price started a fresh decline. There was a clear move below the $2,320 and $2,300 levels. The price retested the $2,240 support. A low is formed near $2,241 and the price is now consolidating losses. 
It is testing the 23.6% Fib retracement level of the downward move from the $2,350 swing high to the $2,241 low. There is also a key bearish trend line forming with resistance near $2,300 on the hourly chart of ETH/USD. 
Ethereum is now trading below $2,300 and the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-trims-gains-2300/" target="_blank" rel="noopener ">100-hourly Simple Moving Average</a>. On the upside, the first major resistance is near the $2,275 level. The next major resistance is near $2,300 or the trend line. It is near the 50% Fib retracement level of the downward move from the $2,350 swing high to the $2,241 low. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-572711" src="https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum.png?resize=1024%2C461" alt="Ethereum Price " width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum.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> 
The next key resistance might be $2,325, above which the price might rise and test the $2,350 resistance. If the bulls push the price above the $2,350 resistance, they could aim for $2,400. A clear move above the $2,400 level might send the price further higher. In the stated case, the price could rise toward the $2,450 level. 
<h2 id="more-losses-in-eth">More Losses in ETH?</h2> 
If Ethereum fails to clear the $2,300 resistance, it could continue to move down. Initial support on the downside is near the $2,240 level. 
The next key support could be the $2,200 zone. A daily close below the $2,200 support might start another steady decline. In the stated case, Ether could test the $2,120 support. Any more losses might send the price toward the $2,080 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 – $2,240 
Major Resistance Level – $2,300

Ethereum Price Topside Bias Vulnerable Unless It Surges Past 100 SMA

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