Ethereum

Resistance

Ethereum price is consolidating above the $2,250 zone. ETH could start a decent increase if it clears the $2,340 and $2,380 resistance levels. 
<ul> 
 <li>Ethereum is struggling to gain pace for a move above the $2,350 zone.</li> 
 <li>The price is trading above $2,300 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a short-term rising channel forming with resistance near $2,350 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-eyes-fresh-increase">Ethereum Price Eyes Fresh Increase</h2> 
Ethereum price remained in a range below the $2,350 resistance zone. ETH traded lower below $2,320, but the bulls were active near the $2,280 support zone. 
A low was formed near $2,282 and the price is now attempting a fresh increase in a range, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-aims-higher-45000/" target="_blank" rel="noopener ">Bitcoin</a>. There was a move above the $2,300 resistance zone and the 100-hourly Simple Moving Average. The price even cleared the 61.8% Fib retracement level of the recent decline from the $2,334 swing high to the $2,282 low. 
Ethereum is now trading above $2,300 and the <a href="https://www.newsbtc.com/analysis/eth/ethereum-bears-keep-pushing-2325/" target="_blank" rel="noopener ">100-hourly Simple Moving Average</a>. There is also a short-term rising channel forming with resistance near $2,350 on the hourly chart of ETH/USD. 
On the upside, the first major resistance is near the $2,325 level or the 76.4% Fib retracement level of the recent decline from the $2,334 swing high to the $2,282 low. The next major resistance is near $2,350, above which the price might rise and test the $2,380 resistance. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_92f7b6.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-573533" src="https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_92f7b6.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_92f7b6.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_92f7b6.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_92f7b6.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_92f7b6.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_92f7b6.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_92f7b6.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_92f7b6.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 $2,380 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 $2,500 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 $2,280 level and the channel trend line. 
The next key support could be the $2,240 zone. A clear move below the $2,240 support might send the price toward $2,180. The main support could be $2,120. Any more losses might send the price toward the $2,040 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 above the 50 level. 
Major Support Level – $2,240 
Major Resistance Level – $2,350

Ethereum Price Topside Bias Vulnerable If It Continues To Struggle Below $2,400

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