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Home»EXCHANGE NEWS»Factors that could cause Ethereum price to consolidate below the hurdle and trigger a new rally
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Factors that could cause Ethereum price to consolidate below the hurdle and trigger a new rally

By Crypto FlexsDecember 12, 20233 Mins Read
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Factors that could cause Ethereum price to consolidate below the hurdle and trigger a new rally
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Ethereum price has begun a consolidation phase after a sharp decline. ETH needs to clear the $2,275 resistance to start a new rally in the near term.

  • Ethereum recovered its losses after testing the $2,000 support zone.
  • The price is trading below $2,320 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 $2,240.
  • A break above the $2,250 and $2,275 resistance levels could provide bullish momentum.

Ethereum Price Eyes Fresh Increase

Ethereum price, like Bitcoin, began a sharp decline below the $2,300 pivot level. ETH fell significantly below the $2,220 and $2,200 levels. Finally, the $2,000 support was tested before an uptrend emerged.

A low was made around $1,980 and the price is currently recovering. There was a move above the $2,120 and $2,150 resistance levels. The bulls pushed the price above the 50% Fib retracement level of the downward wave from the $2,400 swing high to the $1,980 low.

Ethereum is currently trading below $2,320 and the 100-hour simple moving average. Meanwhile, the price is finding resistance near $2,250. Additionally, on the hourly chart of ETH/USD, there is a major bearish trend line forming with resistance near $2,240.

Source: ETHUSD on TradingView.com

The next major resistance is near the $2,275 level or the 76.4% Fib retracement level of the bearish wave from the $2,400 swing high to the $1,980 low. A clear break above the $2,300 area could push the price towards the $2,400 level. The next resistance level is $2,450. Any more profits could start a wave towards the $2,500 level.

Will there be more losses in ETH?

If Ethereum fails to clear the $2,275 resistance, it could begin another downtrend. Initial support for the downside is near the $2,155 level.

The next major support is at $2,120. The current main support amount is close to $2,100. A decline below $2,100 could begin another major decline. If specified, Ether could regain $2,000 support. A test of the $1,880 support zone in the near term may be necessary for further losses to occur.

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 30 level.

Key Support Level – $2,155

Key Resistance Level – $2,275

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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