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

2023-12-13 05:36:09

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.

Ethereum struggled to start a fresh increase above the $2,250 resistance.
The price is trading below $2,250 and the 100-hourly Simple Moving Average.
There is a key declining channel forming with resistance near $2,225 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to move down if it declines below the $2,120 support zone.

Ethereum Price Takes Hit

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 Bitcoin.

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 100-hourly Simple Moving Average. 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.

Source: ETHUSD on TradingView.com

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.

More Losses in ETH?

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

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