Ethereum

Resistance

Ethereum price is again moving lower from the $2,325 resistance. ETH could decline heavily if there is a move below the $2,270 support zone. 
<ul> 
 <li>Ethereum is showing a few bearish signs from the $2,325 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 clear the $2,325 resistance zone.</li> 
</ul> 
<h2 id="ethereum-price-struggles-below-2-325">Ethereum Price Struggles Below $2,325</h2> 
Ethereum price attempted a fresh increase above the $2,300 level. However, ETH faced strong selling interest near the $2,325 zone. A high was formed near $2,327 and the price started a fresh decline, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-stuck-range-42250/" target="_blank" rel="noopener ">Bitcoin</a>. 
There was a move below the $2,300 support zone. The price even spiked below $2,280 and traded below the 50% Fib retracement level of the upward move from the $2,241 swing low to the $2,327 high. Ethereum is now trading below $2,300 and the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-stuck-range-2400/" target="_blank" rel="noopener ">100-hourly Simple Moving Average</a>. 
The bulls are now protecting the $2,270 support or the 61.8% Fib retracement level of the upward move from the $2,241 swing low to the $2,327 high. On the upside, the first major resistance is near the $2,300 level. There is also a key bearish trend line forming with resistance near $2,300 on the hourly chart of ETH/USD. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_f4f8ae.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-573316" src="https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_f4f8ae.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_f4f8ae.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_f4f8ae.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_f4f8ae.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_f4f8ae.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_f4f8ae.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_f4f8ae.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_f4f8ae.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 major resistance is near $2,325, above which the price might rise and test the $2,380 resistance. If the bulls push the price above the $2,380 resistance, they could aim for $2,440. A clear move above the $2,440 level might send the price further higher. In the stated case, the price could rise toward the $2,500 level. 
<h2 id="more-losses-in-eth">More Losses in ETH?</h2> 
If Ethereum fails to clear the $2,325 resistance, it could start another decline. Initial support on the downside is near the $2,270 level. 
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 bearish zone. 
Hourly RSI – The RSI for ETH/USD is now below the 50 level. 
Major Support Level – $2,240 
Major Resistance Level – $2,325

Ethereum Bears Keep Pushing, Why Decline Isn’t Over Yet

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