Ethereum

Resistance

Ethereum price is struggling to climb again above $2,200 and $2,250. ETH could gain bearish momentum if there is a clear move below the $2,120 support. 
<ul> 
 <li>Ethereum is struggling to gain pace for a move above the $2,150 resistance zone.</li> 
 <li>The price is trading below $2,200 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 climb further higher if it clears the $2,210 resistance zone.</li> 
</ul> 
<h2 id="ethereum-price-faces-hurdles">Ethereum Price Faces Hurdles</h2> 
Ethereum price attempted a fresh increase above the $2,200 level. However, ETH failed to gain pace for a move above the $2,250 resistance. A high was formed near $2,253 and the price started a fresh decline, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-rejects-43-5k/" target="_blank" rel="noopener ">Bitcoin</a>. 
There was a drop below $2,200. A low was formed near $2,136 and the price is now attempting a fresh increase. There was a move above the $2,180 level. The price tested the 50% Fib retracement level of the recent decline from the $2,253 swing high to the $2,136 low. 
Ethereum is now trading below $2,200 and the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-restarts-increase-2250/" 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. 
On the upside, the price is facing resistance near the $2,205 level. It is close to the 61.8% Fib retracement level of the recent decline from the $2,253 swing high to the $2,136 low. 
<a href="https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-11.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-566092" src="https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-11.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-11.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-11.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-11.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-11.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-11.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-11.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum-11.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 key resistance is near the $2,220 level or the trend line. The main resistance is still near $2,250. A clear move above the $2,250 zone could send the price toward the $2,320 level. The next resistance sits at $2,350. Any more gains could start a wave toward the $2,420 level, above which Ethereum might rally and test the $2,550 zone. 
<h2 id="more-losses-in-eth">More Losses in ETH?</h2> 
If Ethereum fails to clear the $2,210 resistance, it could start another decline. Initial support on the downside is near the $2,165 level. 
The first key support could be the $2,120 zone. A downside break and a close below $2,120 might start another major decline. In the stated case, Ether could revisit the $2,000 support. Any more losses might send the price toward the $1,880 level in the coming days. 
Technical Indicators 
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone. 
Hourly RSI – The RSI for ETH/USD is now above the 50 level. 
Major Support Level – $2,120 
Major Resistance Level – $2,250

Ethereum Price Close Below $2,120 Could Spark Larger Degree Decline

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