ethereum price is correcting gains below the $2,350 zone. eth could attempt a fresh rise unless there is a close below the $2,200 support.
- ethereum is correcting gains and trading below the $2,350 level.
- The price is trading below $2320 and the 100 hourly simple moving average.
- A key bearish trend line is forming with resistance near $2,300 on the hourly chart of eth/USD (data via Kraken).
- The pair could start a new rise if it closes above the $2,350 level.
ethereum price foresees a new increase
ethereum price struggled to break above the $2,440 resistance zone and began a new decline. eth fell below the $2,350 support zone to move into a short-term bearish zone, like bitcoin.
There was a close below the $2,320 level. A low was formed near $2258 and the price is now consolidating losses. ethereum is now trading below $2,320 and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $2,300 on the hourly chart of eth/USD.
On the upside, the price faces resistance near the $2,300 level and the trend line. It is close to the 23.6% Fibonacci retracement level of the downward move from the high of $2.445 to the low of $2.258.
<img decoding="async" class="alignnone size-full wp-image-567553" src="https://www.newsbtc.com/wp-content/uploads/2024/01/ethereum.png?resize=1024%2C449″ alt=”ethereum Price” width=”1024″ height=”449″ srcset=”https://www.newsbtc.com/wp-content/uploads/2024/01/ethereum.png?resize=1024%2C449?w=1950 1950w, https://www.newsbtc.com/wp-content/uploads/2024/01/ethereum.png?resize=1024%2C449?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/01/ethereum.png?resize=1024%2C449?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/01/ethereum.png?resize=1024%2C449?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/01/ethereum.png?resize=1024%2C449?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/01/ethereum.png?resize=1024%2C449?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/01/ethereum.png?resize=1024%2C449?w=1140 1140w” sizes=”(max-width: 1000px) 100vw, 1000px” loading=”lazy” data-recalc-dims=”1″/>
Fountain: ETHUSD on TradingView.com
The first major resistance is now near $2,350 or the 50% Fib retracement level of the downward move from the high of $2,445 to the low of $2,258. A close above the $2,350 resistance could send the price towards $2,400. The next key resistance is near $2,440. A clear move above the $2,440 zone could start another rise. The next resistance lies at $2,500, above which ethereum could rally and test the $2,550 area.
More losses on eth?
If ethereum fails to overcome the $2,300 resistance, it could continue down. Initial support on the downside is near the $2,250 level.
The first key support could be the $2,240 area. A break lower and a close below $2,240 could start another major decline. In the given case, Ether could test the $2,200 support. Any further losses could send the price towards the $2,120 level.
Technical Indicators
MACD hourly – 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.
Main Support Level: $2240
Main Resistance Level: $2,350
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