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Home»EXCHANGE NEWS»Ethereum price shows a downward trend, why ETH may fall 5%
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Ethereum price shows a downward trend, why ETH may fall 5%

By Crypto FlexsJanuary 8, 20243 Mins Read
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Ethereum price shows a downward trend, why ETH may fall 5%
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Ethereum price is struggling to break the $2,300 resistance zone. ETH is showing some signs of weakness and may fall towards the $2,080 support.

  • Ethereum is still struggling to break the resistance levels of $2,280 and $2,300.
  • The price is trading below $2,260 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 $2,240.
  • A stay below the $2,300 resistance zone could extend the downtrend.

Ethereum Price Faces Big Hurdle

Ethereum price, like Bitcoin, attempted a new rise above the $2,200 level. ETH broke above the $2,250 and $2,260 levels. However, the bears were actively trading near $2,300 and the 100-hourly simple moving average.

Highs were made near $2,289 and the price has recently reacted bearishly. There was a move below the $2,250 level. The price traded below the 23.6% Fib retracement level of the bullish wave from the $1,860 swing low to the $2,289 high.

Ethereum is currently trading below $2,260 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 $2,240.

In case of a fresh advance, the price may face resistance near the $2,250 level and trend line. The first major resistance is currently near $2,280. The next major hurdle is $2,300.

Source: ETHUSD on TradingView.com

A break above the $2,300 resistance could initiate a significant uptrend. The next major resistance is near $2,400. If bulls push Ethereum above $2,400, there could be a rally towards $2,500. More gains could lead the price towards the $2,620 area.

Will there be more losses in ETH?

If Ethereum fails to clear the $2,250 resistance, a new downtrend could begin. Initial support for the downside is near the $2,120 level.

The first major support could be the $2,080 zone or the 50% Fib retracement level of the upward wave from the $1,860 swing low to the $2,289 high. A break below and a close below $2,080 could trigger a strong bearish move. If indicated, Ether could test the $2,020 support. Any more losses could push the price down to the $1,960 level.

technical indicators

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

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

Key Support Level – $2,080

Key Resistance Level – $2,280

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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