Ethereum

Plunge

Resistance

Ethereum price extended losses and tested the $2,150 support. ETH is struggling to recover and might continue to move down toward the $2,000 support zone. 
<ul> 
 <li>Ethereum started a fresh decline below the $2,350 and $2,250 levels.</li> 
 <li>The price is trading below $2,250 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a key bearish trend line forming with resistance near $2,240 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair attempt a fresh increase if it clears the $2,240 and $2,280 levels.</li> 
</ul> 
<h2 id="ethereum-price-extends-losses">Ethereum Price Extends Losses</h2> 
Ethereum price remained in a bearish zone below the $2,400 pivot level. ETH extended its decline and traded below the $2,250 support level, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-faces-crucial-test-38500/" target="_blank" rel="noopener ">Bitcoin</a>. 
It even spiked below the $2,000 level. A new weekly low was formed near $2,165 and the price is now consolidating losses. There was a minor increase above the $2,220 level. The price tested the 23.6% Fib retracement level of the downward wave from the $2,480 swing high to the $2,165 low. 
Ethereum is now trading below $2,250 and the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-reaches-2300/" target="_blank" rel="noopener ">100-hourly Simple Moving Average</a>. On the upside, the price is facing resistance near the $2,240 level. There is also a key bearish trend line forming with resistance near $2,240 on the hourly chart of ETH/USD. 
The next hurdle could be $2,280, above which the price could aim for a decent recovery. The next major resistance is now near $2,360 or the 61.8% Fib retracement level of the downward wave from the $2,480 swing high to the $2,165 low. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_5b1e74.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-571085" src="https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_5b1e74.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_5b1e74.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_5b1e74.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_5b1e74.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_5b1e74.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_5b1e74.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_5b1e74.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/01/Ethereum_5b1e74.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> 
A clear move above the $2,360 level might start a decent increase. In the stated case, the price could rise toward the $2,415 level. Any more gains might send the price toward the $2,550 zone. 
<h2 id="more-losses-in-eth">More Losses in ETH?</h2> 
If Ethereum fails to clear the $2,440 resistance, it could start another decline. Initial support on the downside is near the $2,200 level. 
The next key support could be the $2,165 zone. A downside break below the $2,165 support might send the price further lower. In the stated case, Ether could test the $2,120 support. Any more losses might send the price toward the $2,000 level. 
Technical Indicators 
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone. 
Hourly RSI – The RSI for ETH/USD is now below the 50 level. 
Major Support Level – $2,165 
Major Resistance Level – $2,480

Ethereum Price Plunge To $2K Imminent as Key Support Line Crumbles

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