Ethereum

2024

Bitcoin

Resistance

Ethereum price is eyeing an upside break above the $2,440 resistance. ETH could rally like Bitcoin if there is a close above the $2,500 level. 
<ul> 
 <li>Ethereum is moving higher from the $2,250 support level.</li> 
 <li>The price is trading above $2,350 and the 100-hourly Simple Moving Average.</li> 
 <li>There was a break above a major bearish trend line with resistance near $2,300 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could accelerate higher if there is a clear move above $2,400 and $2,440.</li> 
</ul> 
<h2 id="ethereum-price-eyes-key-upside-break">Ethereum Price Eyes Key Upside Break</h2> 
Ethereum price found support near the $2,250 level and recently started a fresh increase. ETH managed to recover after <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-starts-2024-bang-45k/" target="_blank" rel="noopener ">Bitcoin</a> pumped above the $44,400 resistance zone. 
The price cleared the $2,300 and $2,320 resistance levels. There was also a break above a major bearish trend line with resistance near $2,300 on the hourly chart of ETH/USD. The pair climbed above the 61.8% Fib retracement level of the downward move from the $2,445 swing high to the $2,258 low. 
Bitcoin is now trading above $2,350 and the 100-hourly Simple Moving Average. On the upside, the price is <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-could-start-2024-bang/" target="_blank" rel="noopener ">facing resistance near the $2,400 level</a>. It is close to the 76.4% Fib retracement level of the downward move from the $2,445 swing high to the $2,258 low. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-1.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-567630" src="https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-1.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-1.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-1.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-1.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-1.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-1.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-1.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum-1.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 first major resistance is now near $2,445. A close above the $2,445 resistance could send the price toward $2,500. The next key resistance is near $2,550. If the bulls remain in action and push ETH above $2,550, there could be a drift toward $2,620. The next resistance sits at $2,650, above which Ethereum might rally and test the $2,800 zone. 
<h2 id="another-decline-in-eth">Another Decline in ETH?</h2> 
If Ethereum fails to clear the $2,400 resistance, it could start another decline. Initial support on the downside is near the $2,350 level. 
The first key support could be the $2,320 zone. A downside break and a close below $2,320 might start another major decline. In the stated case, Ether could test the $2,250 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 bullish zone. 
Hourly RSI – The RSI for ETH/USD is now above the 50 level. 
Major Support Level – $2,320 
Major Resistance Level – $2,400

Ethereum Bulls Sight New High In 2024 As BTC Pumps Above $45K

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