Ethereum

Resistance

Ethereum price is moving lower below the $2,250 support zone. ETH is now at risk of more downsides below the $2,120 support zone. 
<ul> 
 <li>Ethereum struggled to start a fresh increase above the $2,250 resistance.</li> 
 <li>The price is trading below $2,250 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a key declining channel forming with resistance near $2,225 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could continue to move down if it declines below the $2,120 support zone.</li> 
</ul> 
<h2 id="ethereum-price-takes-hit">Ethereum Price Takes Hit</h2> 
Ethereum price attempted a fresh increase above the $2,120 and $2,150 levels. ETH even climbed above the $2,200 level, but the bears were active near the $2,250 level. A high was formed near $2,252 and the price started a fresh decline, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-dips-again-38k/" target="_blank" rel="noopener ">Bitcoin</a>. 
There was a move below the $2,200 support zone. The price declined below the 23.6% Fib retracement level of the upward move from the $1,980 swing low to the $2,252 high. 
Ethereum is now trading below $2,250 and the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-consolidates-2275/" target="_blank" rel="noopener ">100-hourly Simple Moving Average</a>. There is also a key declining channel forming with resistance near $2,225 on the hourly chart of ETH/USD. If there is a fresh increase, the pair might face resistance near the $2,200 level. 
<a href="https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-6.png?resize=1024%2C468"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-565153" src="https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-6.png?resize=1024%2C468" alt="Ethereum Price" width="1024" height="468" srcset="https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-6.png?resize=1024%2C468?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-6.png?resize=1024%2C468?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-6.png?resize=1024%2C468?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-6.png?resize=1024%2C468?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-6.png?resize=1024%2C468?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-6.png?resize=1024%2C468?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-6.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> 
The next key resistance is near the $2,225 level or the channel trend line. The main resistance is still near $2,250. A clear move above the $2,250 zone could send the price toward the $2,300 level. The next resistance sits at $2,350. Any more gains could start a wave toward the $2,500 level. 
<h2 id="more-losses-in-eth">More Losses in ETH?</h2> 
If Ethereum fails to clear the $2,225 resistance, it could continue to move down. Initial support on the downside is near the $2,120 level or the 50% Fib retracement level of the upward move from the $1,980 swing low to the $2,252 high. 
The next key support is $2,045. The main support is now near $2,000. A downside break below $2,000 might start another major decline. In the stated case, Ether could revisit the $1,880 support. Any more losses might call for a test of the $1,820 support zone 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 50 level. 
Major Support Level – $2,120 
Major Resistance Level – $2,225

Ethereum Price Bears Keep Pushing, Why Decline Isn’t Over Yet

Table of Contents

NewsBTC

Other articles published on Dec 13, 2023

SEC Chairman Gensler Discusses Legal Frameworks Impacting Bitcoin ETF Decisions

Bahrain-based CoinMENA Secures VASP License by Dubai’s VARA

Binance refutes SEC claims, questions howey test application

Flutterwave expands executive team, welcoming talent from Cash App, PayPal, and Binance.US

Massive 290 Billion Shiba Inu (SHIB) Transfer Spotted Amid Market Correction

Crypto Price Prediction For December 13: IMX, LUNC, ELF

Join our free newsletter for daily crypto updates!