Ethereum

Resistance

Ethereum price is struggling to clear the $2,550 resistance. ETH could start a downside correction if there is a move below the $2,475 support. 
<ul> 
 <li>Ethereum is consolidating gains below the $2,550 resistance zone.</li> 
 <li>The price is trading above $2,480 and the 100-hourly Simple Moving Average.</li> 
 <li>There was a break below a connecting bullish trend line with support at $2,515 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could start a fresh increase if it stays above the $2,475 support zone.</li> 
</ul> 
<h2 id="ethereum-price-remains-supported">Ethereum Price Remains Supported</h2> 
Ethereum price saw a steady increase after it broke the $2,420 resistance. ETH climbed above $2,450 and $2,500, but it underperformed <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-reclaims-48k/" target="_blank" rel="noopener ">Bitcoin</a>. Finally, the bears appeared near the $2,550 zone. 
A high was formed near $2,536 and the price is now consolidating gains. There was a minor decline below the $2,500 level. There was also a break below a connecting bullish trend line with support at $2,515 on the hourly chart of ETH/USD. 
Ethereum is still trading above the 23.6% Fib retracement level of the recent increase from the $2,282 swing low to the $2,536 high. It is also trading above $2,480 and the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-consolidates-2460/" target="_blank" rel="noopener ">100-hourly Simple Moving Average</a>. 
If there is a fresh increase, the price could surge above the $2,520 level. On the upside, the first major resistance is near the $2,550 level. The next major resistance is near $2,620, above which the price might rise and test the $2,680 resistance. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_12bbcc.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-574558" src="https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_12bbcc.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_12bbcc.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_12bbcc.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_12bbcc.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_12bbcc.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_12bbcc.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_12bbcc.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_12bbcc.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 remain in action, they could even push the price above the $2,750 resistance. In the stated case, the price could rise toward the $2,800 level. 
<h2 id="are-dips-supported-in-eth">Are Dips Supported In ETH?</h2> 
If Ethereum fails to clear the $2,550 resistance, it could start a downside correction. Initial support on the downside is near the $2,475 level and the 100 hourly SMA. 
The next key support could be the $2,460 zone. A clear move below the $2,460 support might send the price toward $2,400 or the 50% Fib retracement level of the recent increase from the $2,282 swing low to the $2,536 high. The main support could be $2,380. Any more losses might send the price toward the $2,280 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 – $2,475 
Major Resistance Level – $2,550

Ethereum Price Signals Uptrend Exhaustion But Dips Could Be Attractive

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