{"id":34943,"date":"2024-01-10T04:53:26","date_gmt":"2024-01-10T08:53:26","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=34943"},"modified":"2024-01-10T04:53:26","modified_gmt":"2024-01-10T08:53:26","slug":"ethereum-price-technical-setup-suggests-fresh-surge-above-2400","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2024\/01\/10\/ethereum-price-technical-setup-suggests-fresh-surge-above-2400\/","title":{"rendered":"Ethereum Price Technical Setup Suggests Fresh Surge Above $2,400"},"content":{"rendered":"

Ethereum price climbed higher above the $2,350 resistance. ETH outpaced Bitcoin and might even attempt a clear move above the $2,400 resistance.<\/em><\/p>\n

Ethereum is attempting a fresh increase above the $2,350 resistance level.
\nThe price is trading above $2,320 and the 100-hourly Simple Moving Average.
\nThere is a key rising channel forming with support near $2,300 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could start a fresh surge if there is a close above the $2,400 level.<\/p>\n

Ethereum Price Starts Increase<\/h2>\n

Ethereum price formed a base above the $2,220 level and started a fresh increase<\/a>. ETH saw a sharp upward move despite a drop in Bitcoin<\/a> below $46,500. The price gained pace for a move above the $2,300 and $2,320 levels.<\/p>\n

It even broke the $2,350 resistance and tested the $2,400 zone. A high was formed near $2,399 and the price is now consolidating gains. There was a minor drop below $2,360. The price declined below the 23.6% Fib retracement level of the recent increase from the $2,243 swing low to the $2,399 high.<\/p>\n

Ethereum is now trading above $2,320 and the 100-hourly Simple Moving Average. There is also a key rising channel forming with support near $2,300 on the hourly chart of ETH\/USD.<\/p>\n

If there is a fresh increase, the price might face resistance near the $2,380 level. The next major resistance is now near $2,400. A clear move above the $2,400 level might send ETH toward $2,440. A close above the $2,440 resistance could start a decent upward move.<\/p>\n

<\/a><\/p>\n

Source: ETHUSD on TradingView.com<\/a><\/p>\n

The next key resistance is near $2,550. If the bulls push Ethereum above $2,550, there could be a rally toward $2,720. Any more gains might send the price toward the $2,800 zone.<\/p>\n

Another Decline in ETH?<\/h2>\n

If Ethereum fails to clear the $2,400 resistance, it could start a fresh decline. Initial support on the downside 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.<\/p>\n

The first key support could be the $2,300 zone. A downside break and a close below $2,300 might send the price further lower. In the stated case, Ether could test the $2,240 support. Any more losses might send the price toward the $2,150 level.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is gaining momentum in the bullish zone.<\/p>\n

Hourly RSI \u2013 <\/strong>The RSI for ETH\/USD is now above the 50 level.<\/p>\n

Major Support Level \u2013 $2,300<\/p>\n

Major Resistance Level \u2013 $2,400<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum price climbed higher above the $2,350 resistance. ETH outpaced Bitcoin and might even attempt a clear move above the $2,400 resistance.<\/em><\/p>\n

Ethereum is attempting a fresh increase above the $2,350 resistance level.
\nThe price is trading above $2,320 and the 100-hourly Simple Moving Average.
\nThere is a key rising channel forming with support near $2,300 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could start a fresh surge if there is a close above the $2,400 level.<\/p>\n

Ethereum Price Starts Increase<\/h2>\n

Ethereum price formed a base above the $2,220 level and started a fresh increase<\/a>. ETH saw a sharp upward move despite a drop in Bitcoin<\/a> below $46,500. The price gained pace for a move above the $2,300 and $2,320 levels.<\/p>\n

It even broke the $2,350 resistance and tested the $2,400 zone. A high was formed near $2,399 and the price is now consolidating gains. There was a minor drop below $2,360. The price declined below the 23.6% Fib retracement level of the recent increase from the $2,243 swing low to the $2,399 high.<\/p>\n

Ethereum is now trading above $2,320 and the 100-hourly Simple Moving Average. There is also a key rising channel forming with support near $2,300 on the hourly chart of ETH\/USD.<\/p>\n

If there is a fresh increase, the price might face resistance near the $2,380 level. The next major resistance is now near $2,400. A clear move above the $2,400 level might send ETH toward $2,440. A close above the $2,440 resistance could start a decent upward move.<\/p>\n

<\/a><\/p>\n

Source: ETHUSD on TradingView.com<\/a><\/p>\n

The next key resistance is near $2,550. If the bulls push Ethereum above $2,550, there could be a rally toward $2,720. Any more gains might send the price toward the $2,800 zone.<\/p>\n

Another Decline in ETH?<\/h2>\n

If Ethereum fails to clear the $2,400 resistance, it could start a fresh decline. Initial support on the downside 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.<\/p>\n

The first key support could be the $2,300 zone. A downside break and a close below $2,300 might send the price further lower. In the stated case, Ether could test the $2,240 support. Any more losses might send the price toward the $2,150 level.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is gaining momentum in the bullish zone.<\/p>\n

Hourly RSI \u2013 <\/strong>The RSI for ETH\/USD is now above the 50 level.<\/p>\n

Major Support Level \u2013 $2,300<\/p>\n

Major Resistance Level \u2013 $2,400<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-34943","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34943","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=34943"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34943\/revisions"}],"predecessor-version":[{"id":34950,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34943\/revisions\/34950"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=34943"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=34943"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=34943"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}