ethereum price is moving down below the $2,250 support zone. eth is now at risk of further downsides below the $2,120 support zone.
- ethereum struggled to start a fresh rise above the $2,250 resistance.
- The price is trading below $2250 and the 100 hourly simple moving average.
- A key descending channel is forming with resistance near $2,225 on the hourly chart of eth/USD (data via Kraken).
- The pair could continue to decline if it falls below the $2,120 support zone.
ethereum price is affected
ethereum price attempted a fresh rise above the $2,120 and $2,150 levels. eth even rose above the $2200 level, but the bears were active near the $2250 level. A high was formed near $2252 and the price started a new decline, like bitcoin.
There was a move below the $2,200 support zone. The price fell below the 23.6% Fibonacci retracement level of the upward move from the low of $1,980 to the high of $2,252.
ethereum is now trading below $2,250 and the 100 hourly simple moving average. There is also a key descending channel forming with resistance near $2,225 on the hourly chart of eth/USD. If there is a fresh rise, the pair could face resistance near the $2200 level.
<img decoding="async" class="alignnone size-full wp-image-565153" src="https://www.newsbtc.com/wp-content/uploads/2023/12/ethereum-6.png?resize=1024%2C468″ alt=”ethereum Price” width=”1024″ height=”468″ srcset=”https://www.newsbtc.com/wp-content/uploads/2023/12/ethereum-6.png?resize=1024%2C468?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/12/ethereum-6.png?resize=1024%2C468?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/12/ethereum-6.png?resize=1024%2C468?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/12/ethereum-6.png?resize=1024%2C468?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/12/ethereum-6.png?resize=1024%2C468?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/12/ethereum-6.png?resize=1024%2C468?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/12/ethereum-6.png?resize=1024%2C468?w=1140 1140w” sizes=”(max-width: 1000px) 100vw, 1000px” loading=”lazy” data-recalc-dims=”1″/>
Fountain: ETHUSD on TradingView.com
The next key resistance is near the $2,225 level or the channel trend line. The main resistance is still near $2,250. A clear move above the $2,250 zone could send the price towards the $2,300 level. The next resistance lies at $2,350. Any further gains could start a wave towards the $2,500 level.
More losses on eth?
If ethereum fails to overcome the $2,225 resistance, it could continue down. Initial support on the downside is near the $2,120 level or the 50% Fibonacci retracement level of the upward move from the low of $1,980 to the high of $2,252.
The next key support is $2,045. The main support is now near $2,000. A break below $2,000 could start another major decline. In the given case, Ether could revisit the $1,880 support. Any further losses could demand a test of the $1,820 support zone in the near term.
Technical Indicators
MACD hourly – The MACD for eth/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for eth/USD is now below the 50 level.
Main Support Level: $2,120
Main Resistance Level: $2225
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