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Home»EXCHANGE NEWS»Ethereum price falls again. Is this a bulls trap or a technical fix?
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Ethereum price falls again. Is this a bulls trap or a technical fix?

By Crypto FlexsDecember 25, 20233 Mins Read
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Ethereum price falls again.  Is this a bulls trap or a technical fix?
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Ethereum price is taking gains from the $2,350 resistance zone. If ETH holds above the $2,200 support area, it could start a fresh increase.

  • Ethereum began a downward correction at the $2,350 resistance zone.
  • The price is trading near $2,275 and the 100-hour simple moving average.
  • The hourly chart of ETH/USD (data feed via Kraken) shows a major bearish trendline forming with resistance near $2,285.
  • As long as the pair doesn’t close below $2,200, it could attempt a fresh increase.

Ethereum price remains supported

Ethereum price failed to gain any speed above the $2,350 level. ETH had a short-term uptrend near $2,350 and recently began a downward correction like Bitcoin.

It moved below the $2,320 and $2,300 levels. Prices also soared below $2,250. A low was formed near $2,247 and the price is currently correcting higher. There was a move above the $2,265 level. The price crossed the 23.6% Fib retracement level moving down from the $2,326 swing high to the $2,247 low.

Ethereum is currently close to $2,275 and the 100-hour simple moving average. Meanwhile, the price is finding resistance near $2,285. Additionally, on the hourly chart of ETH/USD, there is a major bearish trend line forming with resistance near $2,285.

The trend line is close to the 50% Fib retracement level moving downward from the $2,326 swing high to the $2,247 low. A close above the $2,285 resistance could push the price up to $2,350.

Source: ETHUSD on TradingView.com

A clear break above the $2,350 area could initiate a major rally. The next resistance level is $2,420. More gains could start a wave towards the $2,500 level where Ethereum could test and test the $2,550 area.

Will there be more losses in ETH?

If Ethereum fails to clear the $2,285 resistance, it may continue to fall. Initial support for the downside is near the $2,220 level.

The first major support could be the $2,200 zone. If a downside is discovered and the price closes below $2,200, the price could go lower. If noted, Ether could revisit the $2,170 support. Any more losses could push the price towards the $2,120 level in the next session.

technical indicators

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

RSI per hour – The RSI for ETH/USD is currently below the 50 level.

Key Support Level – $2,200

Key Resistance Level – $2,285

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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