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Home»Analysis»Key indicators for the Ethereum price suggest a strong case for a correction below $2K
Analysis

Key indicators for the Ethereum price suggest a strong case for a correction below $2K

2023-12-18No Comments3 Mins Read
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Ethereum price drops below the USD 2,200 support again. ETH is showing some bearish signs and could fall further below $2,000.

  • Ethereum started a new decline from the USD 2,330 resistance zone.
  • The price is trading below $2,220 and the 100-hourly Simple Moving Average.
  • A connecting bearish trendline is forming with resistance near $2,210 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could accelerate lower if there is a break below the $2,135 support.

Ethereum price drops again

Ethereum price failed to gain strength for more gains above the USD 2,300 resistance. ETH peaked near the $2,330 zone and started a new decline, just like Bitcoin.

There was a move below the USD 2,250 and USD 2,220 levels. The price even fell below the 50% Fib retracement level of the key rise from the $1,980 swing low to the $2,330 high. The bears are now in control below the USD 2,180 support zone.

Ethereum is trading below $2,220 and the 100-hour Simple Moving Average. There is also a connecting bearish trendline forming with resistance around $2,210 on the hourly chart of ETH/USD.

If a new increase occurs, the price may encounter resistance near the $2,200 zone. The next major resistance is near the $2,210 level and trendline. The main resistance is now at $2,250. A clear move above the USD 2,250 zone could send the price towards the USD 2,330 level.

Ethereum price

Source: ETHUSD on TradingView.com

The next resistance is at $2,400. Any further gains could trigger a wave towards the $2,550 level, above which Ethereum could rise and test the $2,750 zone.

See also  Ethereum Spot ETF inflows hit a monthly record of $2,103,440,000 in December

Lose more in ETH?

If Ethereum fails to clear the USD 2,210 resistance, it could continue falling. The initial downside support is near the $2,135 level or the latest swing low.

The first major support could be the $2,080 zone. It is close to the 1,236 Fib extension level of the main rise from the $1,980 swing low to the $2,330 high. A downward break below $2,080 could trigger another big decline. In the mentioned case, Ether could even fall below the $2,000 support.

Technical indicators

hourly MACD – The MACD for ETH/USD is gaining strength in the bearish zone.

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

Major support level – $2,135

Major resistance level – $2,210

Disclaimer: The article is for educational purposes only. It does not represent NewsBTC’s views on buying, selling or holding investments and of course investing involves risks. You are advised to conduct your own research before making any investment decisions. Use the information on this website entirely at your own risk.

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