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Home»EXCHANGE NEWS»Ethereum Price Struggles While Bitcoin Soars – Why ETH Could Take a Big Hit
EXCHANGE NEWS

Ethereum Price Struggles While Bitcoin Soars – Why ETH Could Take a Big Hit

By Crypto FlexsDecember 21, 20233 Mins Read
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Ethereum Price Struggles While Bitcoin Soars – Why ETH Could Take a Big Hit
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While Bitcoin has surpassed $43,500, Ethereum price is still struggling to climb back above $2,250. ETH is showing some worrying signs and could take a major hit.

  • Ethereum is struggling to gain speed above the $2,250 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 major bullish trend line forming with support near $2,170.
  • If it stays below $2,250 for long, this pair could fall significantly.

Ethereum Price Faces Hurdles

Ethereum price made another attempt to clear the $2,250 and $2,265 resistance levels. However, ETH failed to break above the $2,250 resistance level. Two more rejections were clearly seen near the $2,250 and $2,265 levels.

Bitcoin, on the other hand, sped past the $43,500 resistance line. This could be a warning sign for the ETH bullish trend. Recent lows were made near $2,155 and prices are currently consolidating. This is above the 23.6% Fib retracement level of the recent decline from the $2,265 swing high to the $2,155 low.

Additionally, on the hourly chart of ETH/USD, there is a major bullish trend line forming with support near $2,170. Ethereum is currently trading below $2,220 and the 100-hour simple moving average.

On the other hand, the price is finding resistance near $2,210. This is close to 50% of the Fib retracement level of the recent decline from the $2,265 swing high to the $2,155 low. The next major resistance is near the $2,250 level, i.e. $2,265. A clear break above the $2,2650 area could push the price towards the $2,320 level.

Ethereum price

Source: ETHUSD on TradingView.com

The next resistance level is $2,365. More gains could start a wave towards the $2,450 level where Ethereum could test and test the $2,500 area.

Will there be more losses in ETH?

If Ethereum fails to clear the $2,250 resistance, another decline could begin. Initial support for the downside is near the $2,170 level and trendline.

The first major support could be the $2,120 zone. A break below and a close below $2,120 could trigger a strong bearish move. If specified, Ether could regain $2,000 support. Any more losses could push the price towards the $1,880 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 now below the 50 level.

Key Support Level – $2,170

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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