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Home»EXCHANGE NEWS»Ethereum price key indicators suggest a strong case for a correction below $2K.
EXCHANGE NEWS

Ethereum price key indicators suggest a strong case for a correction below $2K.

By Crypto FlexsDecember 18, 20233 Mins Read
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Ethereum price key indicators suggest a strong case for a correction below K.
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Ethereum price is falling below the $2,200 support level again. ETH is showing some signs of weakness and may fall further below $2,000.

  • Ethereum began a new downtrend at the $2,330 resistance zone.
  • The price is trading below $2,220 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 below the $2,135 support could push the pair lower.

Ethereum price falls again

Ethereum price failed to gain strength to gain more than the $2,300 resistance level. ETH peaked near $2,330 and, like Bitcoin, began a new downtrend.

It moved below the $2,250 and $2,220 levels. The price fell below the 50% Fib retracement level of the major advance from the $1,980 swing low to the $2,330 high. The decline is currently controlled below the $2,180 support zone.

Ethereum is trading below $2,220 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.

If there is a fresh advance, the price may face resistance near $2,200. The next major resistance is near the $2,210 level and trend line. The main resistance level is currently at $2,250. A clear break above the $2,250 area could push the price towards the $2,330 level.

Source: ETHUSD on TradingView.com

The next resistance level is $2,400. More gains could start a wave towards the $2,550 level where Ethereum could try and test the $2,750 area.

Will there be more losses in ETH?

If Ethereum fails to clear the $2,210 resistance, it may continue to fall. Initial support for the downside lies near the $2,135 level or the last swing low.

The first major support could be the $2,080 zone. It is close to the 1.236 Fib extension level of the key increase from the $1,980 swing low to the $2,330 high. A decline below $2,080 could begin another major decline. If indicated, Ethereum may fall below the $2,000 support.

technical indicators

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

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

Key Support Level – $2,135

Key Resistance Level – $2,210

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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