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Home»EXCHANGE NEWS»Ethereum price hints at a potential correction, would you buy the dip?
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Ethereum price hints at a potential correction, would you buy the dip?

By Crypto FlexsDecember 27, 20233 Mins Read
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Ethereum price hints at a potential correction, would you buy the dip?
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Ethereum price is taking gains from the $2,320 resistance zone. ETH is trending lower and may test $2,050 before the bulls take a stance.

  • Ethereum is consolidating gains below the $2,250 support zone.
  • The price is trading below $2,240 and the 100-hour simple moving average.
  • The hourly chart of ETH/USD (data feed via Kraken) shows two bearish trend lines forming, with resistance near $2,230 and $2,260.
  • The decline could extend and revisit the $2,050 support zone.

Losses widen due to Ethereum price

Ethereum price began a downward correction at the $2,325 level. ETH fell below the $2,300 and $2,265 levels. A downtrend could even push the pair below the $2,200 level, like Bitcoin.

A low was made around $2,180 and the price is currently attempting a new rise. There was a move above the $2,200 level. The price broke above the 23.6% Fib retracement level moving down from the $2,326 swing high to the $2,180 low.

Ethereum is currently trading below $2,240 and the 100-hour simple moving average. On the other hand, the price is finding resistance near $2,230. The hourly chart of ETH/USD shows two bearish trend lines with resistance near $2,230 and $2,260.

The second trendline is close to the 50% Fib retracement level moving down from the $2,326 swing high to the $2,180 low. If the price closes above the $2,260 resistance, the price may head towards $2,325.

Source: ETHUSD on TradingView.com

The main resistance level is $2,350. A clear break above the $2,350 area could initiate a significant rally. The next resistance level is $2,420, above which Ethereum could test the $2,500 area.

Are there any more disadvantages of ETH?

If Ethereum fails to clear the $2,260 resistance, a new downtrend could begin. Initial support for the downside is near the $2,200 level.

The first major support could be the $2,180 zone. A break below and a close below $2,180 could trigger more bearish moves. As stated, Ether could revisit the $2,120 support. Any more losses could push the price down to the $2,050 level.

technical indicators

Hourly MACD – ETH/USD MACD is losing momentum in bearish territory.

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

Key Support Level – $2,180

Key Resistance Level – $2,260

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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