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Home»Altcoins»Ethereum price moving below $2,120 could trigger a bigger drop
Altcoins

Ethereum price moving below $2,120 could trigger a bigger drop

2023-12-20No Comments3 Mins Read
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Ethereum price is struggling to rise back above USD 2,200 and USD 2,250. ETH could gain bearish momentum if there is a clear move below the USD 2,120 support.

  • Ethereum is struggling to pace a move above the USD 2,150 resistance zone.
  • The price is trading below $2,200 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 rise further if it crosses the $2,210 resistance zone.

Ethereum price faces hurdles

Ethereum price tried to rise again above the USD 2,200 level. However, ETH failed to pace a move above the USD 2,250 resistance. A high was reached around $2,253 and the price started a new decline, just like Bitcoin.

There was a drop below $2,200. A low was formed near $2,136 and the price is now trying to make a new move higher. There was a move above the USD 2,180 level. The price tested the 50% Fib retracement level from the recent decline from the $2,253 swing high to the $2,136 low.

Ethereum is now trading below $2,200 and the 100-hourly Simple Moving Average. There is also a connecting bearish trendline forming with resistance around $2,210 on the hourly chart of ETH/USD.

On the upside, the price is facing resistance near the USD 2,205 level. It is close to the 61.8% Fib retracement level of the recent decline from the $2,253 swing high to the $2,136 low.

Ethereum price

Source: ETHUSD on TradingView.com

The next major resistance is near the $2,220 level or trendline. The main resistance is still around $2,250. A clear move above the USD 2,250 zone could send the price towards the USD 2,320 level. The next resistance is at $2,350. Any further gains could trigger a wave towards the $2,420 level, above which Ethereum could rise and test the $2,550 zone.

See also  Outbreak Warning! Dogwifhat (WIF) Poised for a 35% Rally

Lose more in ETH?

If Ethereum fails to clear the USD 2,210 resistance, it could trigger another decline. The initial downside support is near the $2,165 level.

The first major support could be the $2,120 zone. A downside break and a close below $2,120 could trigger another big decline. In the said case, Ether could revisit the $2,000 support. Any further losses could send the price towards the USD 1,880 level in the coming days.

Technical indicators

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

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

Major support level – $2,120

Major resistance level – $2,250

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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