ethereum price struggled to break above $2,720 and corrected gains. eth is now struggling to stay above the key $2,440 support zone and could extend losses.
- ethereum rose further to $2,720 before the bears emerged.
- The price is trading below $2,550 and the 100 hourly simple moving average.
- A connecting bearish trend line is forming with resistance near $2,520 on the hourly chart of eth/USD (data via Kraken).
- The pair could start a decline if it breaks the $2,440 support zone.
ethereum price reviews support
ethereum price outperformed bitcoin and extended its rise above the $2,550 resistance. eth even broke the $2,600 zone and shot above $2,700. Finally, beards appeared near the $2,720 resistance.
A new multi-week high formed near $2,716 before the price corrected gains. There was a move below the $2,600 and $2,550 levels. The price fell below the 23.6% Fibonacci retracement level of the upward move from the low of $2,170 to the high of $2,716.
ethereum is now trading below $2,550 and the 100 hourly simple moving average. If there is a fresh rise, the price could face resistance near the $2,520 level. There is also a connecting bearish trend line forming with resistance near $2,520 on the hourly chart of eth/USD.
<img class="alignnone size-full wp-image-569537" src="https://www.newsbtc.com/wp-content/uploads/2024/01/ethereum-10.png?resize=1024%2C461″ alt=”ethereum Price” srcset=”https://www.newsbtc.com/wp-content/uploads/2024/01/ethereum-10.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/01/ethereum-10.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/01/ethereum-10.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/01/ethereum-10.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/01/ethereum-10.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/01/ethereum-10.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/01/ethereum-10.png?resize=1024%2C461?w=1140 1140w” />
Fountain: ETHUSD on TradingView.com
The next major resistance is now near $2,585. A clear move above the $2,585 level could send eth towards $2,650. The main resistance is now forming near the $2,720 level. A close above the $2,720 resistance could push the price further into a bullish zone. The next key resistance is near $2,780. Any further gains could send the price towards the $2,880 zone.
More losses on eth?
If ethereum fails to overcome the $2,520 resistance, it could continue lower. Initial support on the downside is near the $2,440 level or the 50% Fibonacci retracement level of the upward move from the low of $2,170 to the high of $2,716.
The next key support could be the $2,350 area. A downside break below the $2,350 support could push the price down further. In the given case, Ether could test the $2,300 support. Any further losses could send the price towards the $2,240 level.
Technical Indicators
MACD hourly – The MACD for eth/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for eth/USD is now below the 50 level.
Main Support Level: $2,440
Main Resistance Level: $2,585
