Ethereum Price Consolidates Below Hurdle, What Could Trigger Fresh Increase

2023-12-12 05:36:15

Ethereum price started a consolidation phase after a sharp decline. ETH must clear the $2,275 resistance to start a fresh increase in the near term.

Ethereum recovered losses after testing the $2,000 support zone.
The price is trading below $2,320 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance near $2,240 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could gain bullish momentum if it clears the $2,250 and $2,275 resistance levels.

Ethereum Price Eyes Fresh Increase

Ethereum price started a sharp decline below the $2,300 pivot level, like Bitcoin. ETH declined heavily below the $2,220 and $2,200 levels. Finally, it tested the $2,000 support before the bulls emerged.

A low was formed near $1,980 and the price is now attempting a recovery wave. 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 now trading below $2,320 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $2,250 zone. There is also a key bearish trend line forming with resistance near $2,240 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com

The next key resistance is near the $2,275 level or the 76.4% Fib retracement level of the downward wave from the $2,400 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.

More Losses in ETH?

If Ethereum fails to clear the $2,275 resistance, it could start another decline. Initial support on the downside is near the $2,155 level.

The next key support is $2,120. The main support is now near $2,100. A downside break below $2,100 might start another major decline. In the stated case, Ether could revisit the $2,000 support. Any more losses might call for a test of the $1,880 support zone in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 30 level.

Major Support Level – $2,155

Major Resistance Level – $2,275

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