🚀 Ethereum Price Could Start 2024 With A Strong Increase If It Holds This Support

Ethereum's price is undergoing a correction, dipping below the critical $2,350 zone. Here's the latest analysis on ETH's performance:

📉 Current Situation: Correction Below Key Levels

Ethereum is currently correcting gains and is trading below the crucial $2,350 level.

The price is below $2,320 and the 100-hourly Simple Moving Average, indicating a short-term bearish trend.

A key bearish trend line is forming with resistance near $2,300 on the hourly chart of ETH/USD.

📈 Potential for a Rebound: Conditions for a Fresh Increase

ETH might initiate a fresh increase if it manages to close above the $2,350 level.

The immediate resistance lies at $2,300, along with the trend line, and near the 23.6% Fib retracement level.

Breaking above $2,350 could pave the way for further gains towards $2,400 and potentially $2,440.

📉 Downside Risks: What if Resistance Holds?

Failure to clear the $2,300 resistance may lead to further losses.

Initial support is around $2,250, followed by a crucial level at $2,240.A breakdown below $2,240 might trigger a more significant decline, testing the $2,200 support.

📊 Technical Indicators: Mixed Signals

Hourly MACD indicates a loss of momentum in the bearish zone.

Hourly RSI is now below the 50 level, suggesting a shift towards bearish sentiment.

💡 Key Takeaways: Ethereum's Path Ahead

Ethereum faces a critical juncture with potential for both bullish and bearish scenarios.

Traders are closely watching the $2,300 and $2,350 levels for signals of the next market direction.

A decisive move above $2,350 could set the stage for a strong start to 2024, while failure to break key resistances may usher in more downside pressure.

🚀 Stay Tuned for Real-time Updates on Ethereum's Journey into 2024!

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