Ethereum

Strong

Resistance

Ethereum price is again moving lower below the $2,200 support. ETH is showing a few bearish signs and might decline further below $2,000. 
<ul> 
 <li>Ethereum started a fresh decline from the $2,330 resistance zone.</li> 
 <li>The price is trading below $2,220 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a connecting bearish trend line forming with resistance near $2,210 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could accelerate lower if there is a break below the $2,135 support.</li> 
</ul> 
<h2 id="ethereum-price-dips-again">Ethereum Price Dips Again</h2> 
Ethereum price failed to gain strength for more gains above the $2,300 resistance. ETH peaked near the $2,330 zone and started a fresh decline, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-drops-again-40k/" target="_blank" rel="noopener ">Bitcoin</a>. 
There was a move below the $2,250 and $2,220 levels. The price even dropped below the 50% Fib retracement level of the key increase from the $1,980 swing low to the $2,330 high. The bears are now in control below the $2,180 support zone. 
Ethereum is trading below $2,220 and the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-holds-2200/" target="_blank" rel="noopener ">100-hourly Simple Moving Average</a>. There is also a connecting bearish trend line forming with resistance near $2,210 on the hourly chart of ETH/USD. 
If there is a fresh increase, the price could face resistance near the $2,200 zone. The next key resistance is near the $2,210 level and the trend line. The main resistance is now at $2,250. A clear move above the $2,250 zone could send the price toward the $2,330 level. 
<a href="https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-9.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-565763" src="https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-9.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-9.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-9.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-9.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-9.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-9.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-9.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-9.png?resize=1024%2C461?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 resistance sits at $2,400. Any more gains could start a wave toward the $2,550 level, above which Ethereum might rally and test the $2,750 zone. 
<h2 id="more-losses-in-eth">More Losses in ETH?</h2> 
If Ethereum fails to clear the $2,210 resistance, it could continue to move down. Initial support on the downside is near the $2,135 level or the last swing low. 
The first key support could be the $2,080 zone. It is close to the 1.236 Fib extension level of the key increase from the $1,980 swing low to the $2,330 high. A downside break below $2,080 might start another major decline. In the stated case, Ether could even decline below the $2,000 support. 
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 – $2,135 
Major Resistance Level – $2,210

Ethereum Price Key Indicators Suggest Strong Case For Correction Below $2K

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