ethereum price is correcting gains from the $2,350 resistance zone. eth could start a new rise if it holds above the $2,200 support zone.
- ethereum started a downward correction from the $2,350 resistance zone.
- The price is trading near $2275 and the 100 hourly simple moving average.
- A key bearish trend line is forming with resistance near $2,285 on the hourly chart of eth/USD (data via Kraken).
- The pair could attempt a fresh rise unless it closes below $2200.
ethereum price remains supported
ethereum price again failed to gain pace to break above the $2,350 level. eth formed a short-term near $2,350 and recently started a downward correction, like bitcoin.
There was a move below the $2,320 and $2,300 levels. The price even shot up below $2,250. A low was formed near $2247 and the price is now correcting higher. There was a move above the $2265 level. The price rose above the 23.6% Fibonacci retracement level of the downward move from the high of $2326 to the low of $2247.
ethereum is now near $2,275 and the 100 hourly simple moving average. On the upside, the price is facing resistance near the $2285 level. A key downtrend line is also forming with resistance near $2285 on the hourly chart of eth/USD.
The trend line is near the 50% Fibonacci retracement level of the downward move from the high of $2,326 to the low of $2,247. A close above the $2,285 resistance could send the price towards $2,350.
<img decoding="async" class="alignnone size-full wp-image-566839" src="https://www.newsbtc.com/wp-content/uploads/2023/12/ethereum-15.png?resize=1024%2C449″ alt=”ethereum Price” width=”1024″ height=”449″ srcset=”https://www.newsbtc.com/wp-content/uploads/2023/12/ethereum-15.png?resize=1024%2C449?w=1950 1950w, https://www.newsbtc.com/wp-content/uploads/2023/12/ethereum-15.png?resize=1024%2C449?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/12/ethereum-15.png?resize=1024%2C449?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/12/ethereum-15.png?resize=1024%2C449?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/12/ethereum-15.png?resize=1024%2C449?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/12/ethereum-15.png?resize=1024%2C449?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/12/ethereum-15.png?resize=1024%2C449?w=1140 1140w” sizes=”(max-width: 1000px) 100vw, 1000px” loading=”lazy” data-recalc-dims=”1″/>
Fountain: ETHUSD on TradingView.com
A clear move above the $2,350 zone could start a major rise. The next resistance is located at $2,420. Any further gains could start a wave towards the $2,500 level, above which ethereum could rally and test the $2,550 zone.
More losses on eth?
If ethereum fails to overcome the $2,285 resistance, it could continue down. Initial support on the downside is near the $2220 level.
The first key support could be the $2,200 area. A break lower and a close below $2200 could push the price down further. In the given case, Ether could revisit the $2,170 support. Any further losses could send the price towards the $2,120 level in the coming sessions.
Technical Indicators
MACD hourly – The MACD for eth/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for eth/USD is now below the 50 level.
Main Support Level: $2200
Main Resistance Level: $2285
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