{"id":34255,"date":"2023-12-18T04:52:44","date_gmt":"2023-12-18T08:52:44","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=34255"},"modified":"2023-12-18T04:52:44","modified_gmt":"2023-12-18T08:52:44","slug":"ethereum-price-key-indicators-suggest-strong-case-for-correction-below-2k","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/12\/18\/ethereum-price-key-indicators-suggest-strong-case-for-correction-below-2k\/","title":{"rendered":"Ethereum Price Key Indicators Suggest Strong Case For Correction Below $2K"},"content":{"rendered":"

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.<\/em><\/p>\n

Ethereum started a fresh decline from the $2,330 resistance zone.
\nThe price is trading below $2,220 and the 100-hourly Simple Moving Average.
\nThere is a connecting bearish trend line forming with resistance near $2,210 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could accelerate lower if there is a break below the $2,135 support.<\/p>\n

Ethereum Price Dips Again<\/h2>\n

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 Bitcoin<\/a>.<\/p>\n

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.<\/p>\n

Ethereum is trading below $2,220 and the 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.<\/p>\n

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.<\/p>\n

<\/a><\/p>\n

Source: ETHUSD on TradingView.com<\/a><\/p>\n

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.<\/p>\n

More Losses in ETH?<\/h2>\n

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.<\/p>\n

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.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is gaining momentum in the bearish zone.<\/p>\n

Hourly RSI \u2013 <\/strong>The RSI for ETH\/USD is now below the 50 level.<\/p>\n

Major Support Level \u2013 $2,135<\/p>\n

Major Resistance Level \u2013 $2,210<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

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.<\/em><\/p>\n

Ethereum started a fresh decline from the $2,330 resistance zone.
\nThe price is trading below $2,220 and the 100-hourly Simple Moving Average.
\nThere is a connecting bearish trend line forming with resistance near $2,210 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could accelerate lower if there is a break below the $2,135 support.<\/p>\n

Ethereum Price Dips Again<\/h2>\n

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 Bitcoin<\/a>.<\/p>\n

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.<\/p>\n

Ethereum is trading below $2,220 and the 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.<\/p>\n

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.<\/p>\n

<\/a><\/p>\n

Source: ETHUSD on TradingView.com<\/a><\/p>\n

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.<\/p>\n

More Losses in ETH?<\/h2>\n

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.<\/p>\n

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.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is gaining momentum in the bearish zone.<\/p>\n

Hourly RSI \u2013 <\/strong>The RSI for ETH\/USD is now below the 50 level.<\/p>\n

Major Support Level \u2013 $2,135<\/p>\n

Major Resistance Level \u2013 $2,210<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-34255","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34255","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=34255"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34255\/revisions"}],"predecessor-version":[{"id":34259,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34255\/revisions\/34259"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=34255"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=34255"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=34255"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}