Ethereum

Resistance

Ethereum price is attempting a fresh increase above the $2,280 resistance. ETH could gain bullish momentum if there is a clear move above $2,350. 
<ul> 
 <li>Ethereum is slowly moving higher from the $2,240 support zone.</li> 
 <li>The price is trading above $2,280 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a rising channel forming with resistance near $2,320 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair might start a fresh increase if it manages to clear the $2,350 resistance zone.</li> 
</ul> 
<h2 id="ethereum-price-stuck-below-2-400">Ethereum Price Stuck Below $2,400</h2> 
Ethereum price correction gains and traded below the $2,300 level. However, ETH bulls were active near the $2,240 support zone. A low was formed near $2,241 and the price started an upward move, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-see-liftoff-43800/" target="_blank" rel="noopener ">Bitcoin</a>. 
The price is still moving in a broad range below the $2,400 pivot zone. There was a minor increase above the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-topside-vulnerable-2350/" target="_blank" rel="noopener ">$2,280 and $2,300 resistance levels</a>. The price even tested the 50% Fib retracement level of the downward move from the $2,390 swing high to the $2,241 low. 
Ethereum is now trading above $2,280 and the 100-hourly Simple Moving Average. There is also a rising channel forming with resistance near $2,320 on the hourly chart of ETH/USD. 
On the upside, the first major resistance is near the $2,315 level. The next major resistance is near $2,320 or the trend line. The next key resistance might be $2,350 or the 76.4% Fib retracement level of the downward move from the $2,390 swing high to the $2,241 low, above which the price might rise and test the $2,400 resistance. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_ef83dd.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-572877" src="https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_ef83dd.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_ef83dd.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_ef83dd.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_ef83dd.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_ef83dd.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_ef83dd.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_ef83dd.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_ef83dd.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 $2,400 resistance, they could aim for $2,480. A clear move above the $2,480 level might send the price further higher. 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 $2,350 resistance, it could start another decline. Initial support on the downside is near the $2,290 level or the 100 hourly SMA. 
The next key support could be the $2,240 zone. A clear move below the $2,240 support might send the price toward $2,200. The main support could be $2,120. 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 bullish zone. 
Hourly RSI – The RSI for ETH/USD is now above the 50 level. 
Major Support Level – $2,240 
Major Resistance Level – $2,350

Ethereum Price Stuck In Range, Is This Bulls Trap or Technical Correction?

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