Ethereum

Bitcoin

Resistance

Ethereum price took a major hit like Bitcoin and dropped over $350. ETH tested the $2,000 support and is currently attempting a fresh increase. 
<ul> 
 <li>Ethereum declined over 8% and broke the $2,200 support zone.</li> 
 <li>The price is trading below $2,300 and the 100-hourly Simple Moving Average.</li> 
 <li>There was a break below a key bullish trend line with support near $2,340 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could rise again unless there is a close below the $2,100 support zone.</li> 
</ul> 
<h2 id="ethereum-price-took-a-major-hit">Ethereum Price Took A Major Hit</h2> 
Ethereum price climbed further higher above the $2,300 level. ETH even cleared the $2,350 level but the bears remained active near the $2,400 zone. A high was formed near $2,401 and there was a sharp decline like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-crashes-8-and-wipes-weekly-gains-dips-supported/" target="_blank" rel="noopener ">Bitcoin</a>. 
The price declined over 8% and there was a move below the $2,200 level. Besides, there was a break below a key bullish trend line with support near $2,340 on the hourly chart of ETH/USD. The pair even spiked below the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-prediction-2320/" target="_blank" rel="noopener ">$2,000 support</a> before the bulls appeared. 
A low was formed near $1,980 and the price is now attempting a recovery wave. There was a move above the $2,150 and $2,180 levels. The price climbed above the 50% Fib retracement level of the downward move from the $2,401 swing high to the $1,980 low. 
<a href="https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-4.png?resize=1024%2C468"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-564829" src="https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-4.png?resize=1024%2C468" alt="Ethereum Price" width="1024" height="468" srcset="https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-4.png?resize=1024%2C468?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-4.png?resize=1024%2C468?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-4.png?resize=1024%2C468?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-4.png?resize=1024%2C468?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-4.png?resize=1024%2C468?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-4.png?resize=1024%2C468?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-4.png?resize=1024%2C468?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
Source: <a href="https://www.tradingview.com/symbols/ETHUSD/" target="_blank" rel="noopener nofollow">ETHUSD on TradingView.com</a> 
On the upside, the price is facing resistance near the $2,275 zone. The next key resistance is near the $2,300 level or the 76.4% Fib retracement level of the downward move from the $2,401 swing high to the $1,980 low. A clear move above the $2,300 zone could send the price toward the $2,400 level. The next resistance sits at $2,450. Any more gains could start a wave toward the $2,500 level. 
<h2 id="another-decline-in-eth">Another Decline in ETH?</h2> 
If Ethereum fails to clear the $2,300 resistance, it could start another decline. Initial support on the downside is near the $2,180 level. 
The next key support is $2,120. The main support is now near $2,100. A downside break below $2,200 might start an extended decline. The key support is now at $2,000, below which there is a risk of a move toward the $1,880 level in the near term. 
Technical Indicators 
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone. 
Hourly RSI – The RSI for ETH/USD is now below the 30 level. 
Major Support Level – $2,100 
Major Resistance Level – $2,300

Ethereum Price Dives To $2,000, Why Dips Remain Attractive

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