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Home»EXCHANGE NEWS»A deeper decline could be triggered if Ethereum price closes below $2,120.
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A deeper decline could be triggered if Ethereum price closes below $2,120.

By Crypto FlexsDecember 20, 20233 Mins Read
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A deeper decline could be triggered if Ethereum price closes below ,120.
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Ethereum price is struggling to climb back above $2,200 and $2,250. ETH could gain bearish momentum if there is a clear move below the $2,120 support.

  • Ethereum is struggling to gain speed above the $2,150 resistance zone.
  • The price is trading below $2,200 and the 100-hour simple moving average.
  • The hourly chart of ETH/USD (data feed via Kraken) shows a bearish trend line tying with resistance near $2,210.
  • A break above the $2,210 resistance zone could push the pair higher.

Ethereum Price Faces Hurdles

Ethereum price attempted a new rise above the $2,200 level. However, ETH failed to gain speed above the $2,250 resistance level. A high was made near $2,253 and the price began a new decline, similar to Bitcoin.

It fell below $2,200. A low was made around $2,136 and the price is currently attempting a new rise. There was a move above the $2,180 level. The price recently tested the 50% Fib retracement level of the decline from the $2,253 swing high to the $2,136 low.

Ethereum is currently trading below $2,200 and the 100-hour simple moving average. Additionally, on the hourly chart of ETH/USD, there is a bearish trend line connecting with resistance near $2,210.

Meanwhile, the price is finding resistance near $2,205. 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.

Source: ETHUSD on TradingView.com

The next major resistance is near the $2,220 level or the trend line. The main resistance level is still close to $2,250. A clear break above the $2,250 area could push the price towards the $2,320 level. The next resistance level is $2,350. More gains could start a wave towards the $2,420 level where Ethereum could test and test the $2,550 area.

Will there be more losses in ETH?

If Ethereum fails to clear the $2,210 resistance, it could begin another downtrend. Initial support for the downside is near the $2,165 level.

The first major support could be the $2,120 zone. A break below and a close below $2,120 could start another big decline. If specified, Ether could regain $2,000 support. If more losses occur, the price could rise to the $1,880 level in the coming days.

technical indicators

Hourly MACD – ETH/USD MACD is gaining momentum in the bullish zone.

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

Key Support Level – $2,120

Key Resistance Level – $2,250

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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