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Home»EXCHANGE NEWS»If Ethereum price maintains this support, it could see a major upside starting in 2024.
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If Ethereum price maintains this support, it could see a major upside starting in 2024.

By Crypto FlexsJanuary 1, 20243 Mins Read
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If Ethereum price maintains this support, it could see a major upside starting in 2024.
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Ethereum price is correcting its upward trend below the $2,350 area. ETH could attempt a fresh hike as long as it does not close below the $2,200 support.

  • Ethereum is correcting gains and trading below the $2,350 level.
  • The price is trading below $2,320 and the 100-hour simple moving average.
  • The hourly chart of ETH/USD (data feed via Kraken) shows a major bearish trendline forming with resistance near $2,300.
  • A close above the $2,350 level could trigger a fresh increase for the pair.

Ethereum Price Eyes Fresh Increase

Ethereum price struggled to break out of the $2,440 resistance zone and began a new downtrend. ETH declined below the $2,350 support area to move into near-term bearish territory like Bitcoin.

It closed below the $2,320 level. A low was formed near $2,258 and the price is currently consolidating losses. Ethereum is currently trading below $2,320 and the 100-hour simple moving average. Additionally, on the hourly chart of ETH/USD, there is a major bearish trend line forming with resistance near $2,300.

On the other hand, the price is finding resistance near the $2,300 level and the trend line. This is close to the 23.6% Fib retracement level of the downward move from the $2,445 swing high to the $2,258 low.

Source: ETHUSD on TradingView.com

The first major resistance is currently near the 50% Fib retracement level at $2,350 or a downside move from the $2,445 swing high to the $2,258 low. A break above the $2,350 resistance could push the price up to $2,400. The next major resistance is near $2,440. A clear break above the $2,440 area could start another rally. The next resistance level is $2,500, above which Ethereum could test the $2,550 area.

Will there be more losses in ETH?

If Ethereum fails to clear the $2,300 resistance, it may continue to fall. Initial support for the downside is near the $2,250 level.

The first major support could be the $2,240 zone. A break below and a close below $2,240 could start another big decline. If indicated, Ether could test the $2,200 support. Any more losses could push the price down to the $2,120 level.

technical indicators

Hourly MACD – ETH/USD MACD is losing momentum in bearish territory.

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

Key Support Level – $2,240

Key Resistance Level – $2,350

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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