{"id":34328,"date":"2023-12-20T04:53:41","date_gmt":"2023-12-20T08:53:41","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=34328"},"modified":"2023-12-20T04:53:41","modified_gmt":"2023-12-20T08:53:41","slug":"ethereum-price-close-below-2120-could-spark-larger-degree-decline","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/12\/20\/ethereum-price-close-below-2120-could-spark-larger-degree-decline\/","title":{"rendered":"Ethereum Price Close Below $2,120 Could Spark Larger Degree Decline"},"content":{"rendered":"

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

Ethereum is struggling to gain pace for a move above the $2,150 resistance zone.
\nThe price is trading below $2,200 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 climb further higher if it clears the $2,210 resistance zone.<\/p>\n

Ethereum Price Faces Hurdles<\/h2>\n

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

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.<\/p>\n

Ethereum is now trading below $2,200 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

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.<\/p>\n

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

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

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.<\/p>\n

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

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.<\/p>\n

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.<\/p>\n

Technical Indicators<\/p>\n

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

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

Major Support Level \u2013 $2,120<\/p>\n

Major Resistance Level \u2013 $2,250<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

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

Ethereum is struggling to gain pace for a move above the $2,150 resistance zone.
\nThe price is trading below $2,200 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 climb further higher if it clears the $2,210 resistance zone.<\/p>\n

Ethereum Price Faces Hurdles<\/h2>\n

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

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.<\/p>\n

Ethereum is now trading below $2,200 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

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.<\/p>\n

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

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

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.<\/p>\n

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

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.<\/p>\n

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.<\/p>\n

Technical Indicators<\/p>\n

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

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

Major Support Level \u2013 $2,120<\/p>\n

Major Resistance Level \u2013 $2,250<\/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-34328","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\/34328","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=34328"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34328\/revisions"}],"predecessor-version":[{"id":34335,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34328\/revisions\/34335"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=34328"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=34328"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=34328"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}