{"id":34366,"date":"2023-12-21T05:54:36","date_gmt":"2023-12-21T09:54:36","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=34366"},"modified":"2023-12-21T05:54:36","modified_gmt":"2023-12-21T09:54:36","slug":"ethereum-price-struggles-while-bitcoin-jumps-why-eth-could-take-major-hit","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/12\/21\/ethereum-price-struggles-while-bitcoin-jumps-why-eth-could-take-major-hit\/","title":{"rendered":"Ethereum Price Struggles While Bitcoin Jumps \u2013 Why ETH Could Take Major Hit"},"content":{"rendered":"

Ethereum price is still struggling to climb again above $2,250 while Bitcoin broke $43,500. ETH is showing a few concerning signs and might take a major hit.<\/em><\/p>\n

Ethereum is struggling to gain pace for a move above the $2,250 resistance zone.
\nThe price is trading below $2,220 and the 100-hourly Simple Moving Average.
\nThere is a key bullish trend line forming with support near $2,170 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could decline heavily if it stays below $2,250 for a long time.<\/p>\n

Ethereum Price Faces Hurdles<\/h2>\n

Ethereum price made another attempt to clear the $2,250 and $2,265 resistance levels<\/a>. However, ETH failed to settle above the $2,250 resistance. There are clearly more than two rejections noted near the $2,250 and $2,265 levels.<\/p>\n

On the other hand, Bitcoin<\/a> gained pace for a move above the $43,500 resistance. This could be a warning sign for ETH bulls. The recent low was formed near $2,155 and the price is now consolidating. It is above the 23.6% Fib retracement level of the recent decline from the $2,265 swing high to the $2,155 low.<\/p>\n

There is also a key bullish trend line forming with support near $2,170 on the hourly chart of ETH\/USD. Ethereum is now trading below $2,220 and the 100-hourly Simple Moving Average.<\/p>\n

On the upside, the price is facing resistance near the $2,210 level. It is close to the 50% Fib retracement level of the recent decline from the $2,265 swing high to the $2,155 low. The next key resistance is near the $2,250 level or $2,265. A clear move above the $2,2650 zone could send the price toward the $2,320 level.<\/p>\n

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

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

The next resistance sits at $2,365. Any more gains could start a wave toward the $2,450 level, above which Ethereum might rally and test the $2,500 zone.<\/p>\n

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

If Ethereum fails to clear the $2,250 resistance, it could start another decline. Initial support on the downside is near the $2,170 level and the trend line.<\/p>\n

The first key support could be the $2,120 zone. A downside break and a close below $2,120 might spark strong bearish moves. 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 sessions.<\/p>\n

Technical Indicators<\/p>\n

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

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

Major Support Level \u2013 $2,170<\/p>\n

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

<\/p>\n

Ethereum price is still struggling to climb again above $2,250 while Bitcoin broke $43,500. ETH is showing a few concerning signs and might take a major hit.<\/em><\/p>\n

Ethereum is struggling to gain pace for a move above the $2,250 resistance zone.
\nThe price is trading below $2,220 and the 100-hourly Simple Moving Average.
\nThere is a key bullish trend line forming with support near $2,170 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could decline heavily if it stays below $2,250 for a long time.<\/p>\n

Ethereum Price Faces Hurdles<\/h2>\n

Ethereum price made another attempt to clear the $2,250 and $2,265 resistance levels<\/a>. However, ETH failed to settle above the $2,250 resistance. There are clearly more than two rejections noted near the $2,250 and $2,265 levels.<\/p>\n

On the other hand, Bitcoin<\/a> gained pace for a move above the $43,500 resistance. This could be a warning sign for ETH bulls. The recent low was formed near $2,155 and the price is now consolidating. It is above the 23.6% Fib retracement level of the recent decline from the $2,265 swing high to the $2,155 low.<\/p>\n

There is also a key bullish trend line forming with support near $2,170 on the hourly chart of ETH\/USD. Ethereum is now trading below $2,220 and the 100-hourly Simple Moving Average.<\/p>\n

On the upside, the price is facing resistance near the $2,210 level. It is close to the 50% Fib retracement level of the recent decline from the $2,265 swing high to the $2,155 low. The next key resistance is near the $2,250 level or $2,265. A clear move above the $2,2650 zone could send the price toward the $2,320 level.<\/p>\n

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

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

The next resistance sits at $2,365. Any more gains could start a wave toward the $2,450 level, above which Ethereum might rally and test the $2,500 zone.<\/p>\n

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

If Ethereum fails to clear the $2,250 resistance, it could start another decline. Initial support on the downside is near the $2,170 level and the trend line.<\/p>\n

The first key support could be the $2,120 zone. A downside break and a close below $2,120 might spark strong bearish moves. 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 sessions.<\/p>\n

Technical Indicators<\/p>\n

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

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

Major Support Level \u2013 $2,170<\/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-34366","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\/34366","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=34366"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34366\/revisions"}],"predecessor-version":[{"id":34371,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34366\/revisions\/34371"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=34366"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=34366"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=34366"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}