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Home»BITCOIN NEWS»Ethereum price technical setup suggests new surge above $2,400
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Ethereum price technical setup suggests new surge above $2,400

By Crypto FlexsJanuary 10, 20243 Mins Read
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Ethereum price technical setup suggests new surge above ,400
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Ethereum price rose above the $2,350 resistance level. ETH is outperforming Bitcoin and could definitely break above the $2,400 resistance level.

  • Ethereum is attempting a new rally above the $2,350 resistance level.
  • The price is trading above $2,320 and the 100-hour simple moving average.
  • The hourly chart of ETH/USD (data feed via Kraken) shows a major ascending channel with support around $2,300.
  • A close above the $2,400 level could trigger a new surge for the pair.

Ethereum price begins to increase

Ethereum price formed a base above the $2,220 level and began a new rise. ETH has seen a sharp rise despite the Bitcoin price falling below $46,500. The price showed an upward trend beyond the $2,300 and $2,320 levels.

It even broke the $2,350 resistance and tested the $2,400 area. The highest price was reached around $2,399 and the price continues to rise. It fell slightly below $2,360. The price recently fell below the 23.6% Fib retracement level from the $2,243 swing low to the $2,399 high.

Ethereum is currently trading above $2,320 and the 100-hour simple moving average. Additionally, a major ascending channel has formed on the hourly chart of ETH/USD with support near $2,300.

In case of a fresh price increase, the price may face resistance near the $2,380 level. The next major resistance is currently near $2,400. A clear break above the $2,400 level could see ETH heading towards $2,440. A break above the $2,440 resistance could initiate a significant uptrend.

Source: ETHUSD on TradingView.com

The next major resistance is near $2,550. If the bulls push Ethereum above $2,550, there could be an upward trend towards $2,720. If more gains occur, the price may head towards the $2,800 area.

Another drop in ETH?

If Ethereum fails to clear the $2,400 resistance, a new downtrend could begin. Initial support for the bears is near the $2,320 level or the 50% Fib retracement level of the recent increase from the $2,243 swing low to the $2,399 high.

The first major support could be the $2,300 zone. If a downside is discovered and the price closes below $2,300, the price could go lower. If indicated, Ether could test the $2,240 support. Any more losses could push the price down to the $2,150 level.

technical indicators

Hourly MACD – ETH/USD MACD is gaining momentum in the bullish zone.

RSI per hour – The RSI for ETH/USD is now above the 50 level.

Key Support Level – $2,300

Key Resistance Level – $2,400

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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