Arabic AR Chinese (Simplified) ZH-CN English EN French FR German DE Japanese JA Portuguese PT Russian RU Spanish ES Turkish TR
Connect with us

Hi, what are you looking for?

ETH

Ethereum Price Analysis

Ethereum failed to surpass $3,050 and corrected lower against the US Dollar. ETH price is declining and might test the $2,800 support zone in the near term.

  • Ethereum failed to continue higher above $3,040 and started a downside correction.
  • The price is now trading above $2,880 and the 100 hourly simple moving average.
  • There was a break below a key bullish trend line with support near $2,960 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could extend decline towards the $2,800 support if it breaks the 100 hourly SMA.

Ethereum Price Corrects Lower

Ethereum was able to surpass the $3,000 resistance level. However, ETH failed to gain momentum above the $3,040 level. A high was formed near $3,042 and the price started a downside correction.

There was a move below the $3,000 and $2,950 levels. Besides, there was a break below a key bullish trend line with support near $2,960 on the hourly chart of ETH/USD. The pair traded below the 23.6% Fib retracement level of the recent wave from the $2,560 swing low to $3,042 high.

It is now trading above $2,880 and the 100 hourly simple moving average. On the upside, ether price is facing resistance near the $2,930 level.

Ethereum Price

The first major resistance is seen near the $2,950 and $2,960 levels. The main resistance is still near the $3,000 and $3,050 levels. A clear move above the $3,050 level might open the doors for a steady increase. In the stated case, the price may possibly rise towards the $3,120 level or even $3,200.

More Downsides in ETH?

If ethereum fails to start a fresh increase above the $2,950 level, it could extend decline. An initial support on the downside is near the $2,880 level and the 100 hourly simple moving average.

The next major support is near the $2,840 level, below which the price might decline towards the $2,800 support. It is near the 50% Fib retracement level of the recent wave from the $2,560 swing low to $3,042 high. Any more losses might call for a move towards the $2,750 level in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now gaining pace in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 level.

Major Support Level – $2,880

Major Resistance Level – $3,000

newsbtc

Featured

Bitcoin Mining

Despite a $72 million rescue offer from creditors, concerns have been raised about the general viability of the Bitcoin trading community amid a protracted...

Ethereum

Ethereum started a fresh decline from the $1,320 resistance against the US Dollar. ETH is struggling and remains at a risk of a move...

Crypto News

According to a new announcement published by MetaMask’s founder, Consensys Software Inc, this Wednesday, December 14th, the leading Ethereum wallet has partnered with the world’s largest...

Ethereum

Ethereum faced a strong rejection near $1,300 against the US Dollar. ETH is declining, but there is a major support waiting near $1,240 and...