ethereum price entered a consolidation phase after a sharp drop. eth must overcome the $2,275 resistance to start a new rise in the near term.
- ethereum recovered losses after testing the $2,000 support zone.
- The price is trading below $2320 and the 100 hourly simple moving average.
- A key bearish trend line is forming with resistance near $2,240 on the hourly chart of eth/USD (data via Kraken).
- The pair could gain bullish momentum if it breaks the $2,250 and $2,275 resistance levels.
ethereum price foresees a new increase
ethereum price started a sharp decline below the $2,300 pivot level, like bitcoin. eth fell sharply below the $2,220 and $2,200 levels. It finally tested the $2,000 support before the bulls emerged.
A low was formed near $1,980 and the price is now attempting a recovery wave. There was a move above the $2,120 and $2,150 resistance levels. The bulls pushed the price above the 50% Fibonacci retracement level of the descending wave from the high of $2,400 to the low of $1,980.
ethereum is now trading below $2,320 and the 100 hourly simple moving average. On the upside, the price is facing resistance near the $2250 area. A key downtrend line is also forming with resistance near $2240 on the hourly chart of eth/USD.
<img decoding="async" class="alignnone size-full wp-image-564941" src="https://www.newsbtc.com/wp-content/uploads/2023/12/ethereum-5.png?resize=1024%2C468″ alt=”ethereum Price” width=”1024″ height=”468″ srcset=”https://www.newsbtc.com/wp-content/uploads/2023/12/ethereum-5.png?resize=1024%2C468?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/12/ethereum-5.png?resize=1024%2C468?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/12/ethereum-5.png?resize=1024%2C468?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/12/ethereum-5.png?resize=1024%2C468?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/12/ethereum-5.png?resize=1024%2C468?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/12/ethereum-5.png?resize=1024%2C468?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/12/ethereum-5.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 $2,275 level or the 76.4% Fibonacci retracement level of the descending wave from the $2,400 high to $1,980 low. A clear move above the $zone 2,300 could send the price towards the $2,400 level. The next resistance is located at $2,450. Any further gains could start a wave towards the $2,500 level.
More losses on eth?
If ethereum fails to overcome the $2,275 resistance, it could start another decline. Initial support on the downside is near the $2,155 level.
The next key support is $2,120. The main support is now near $2,100. A break below $2,100 could start another major decline. In the given case, Ether could revisit the $2,000 support. Any further losses could require a test of the $1,880 support zone in the near term.
Technical Indicators
MACD hourly – The MACD for eth/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for eth/USD is now below the 30 level.
Main Support Level: $2,155
Main Resistance Level: $2275
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