Ethereum Price Movement As Bears Breach Critical $2,200 Mark

The price of Ethereum (ETH) has succumbed to selling pressure after falling below the 21-day SMA support. Price analysis by Coinidol.com.

Long-term analysis of the Ethereum price: bullish

Buyers were unable to sustain the positive trend above the $2,400 level. The largest altcoin was rejected twice at its recent high and broke below the 21-day SMA. Ether has now fallen to a low of $2,166.80 as we write this article. However, the current decline will continue to a low above the 50-day SMA or $2,094. The cryptocurrency will fall further if the bears break the moving average lines. 

The price indicator predicts that ETH will fall to the 2.618 Fibonacci extension level. This corresponds to a low of $1,714.80. However, today, December 19, ETH price moved up to $2235.

Analysis of the Ethereum  indicator

Ether's price is bearish as it approaches the middle of the price range. After breaking below the 21-day SMA support, the altcoin's price is approaching the 50-day SMA. The upward sloping moving average lines continue to point north after the decline.

Technical indicators:

Key resistance levels – $2,000 and $2,200

Key support levels – $1,800 and $1,600

What is the next direction for Ethereum?

Ether is falling below the moving average lines on the 4-hour chart. After ending the uptrend on December 8, Ether entered a horizontal trend. The digital currency was trading between $2,145 and $2,400. The altcoin is set to fall further today as the bears retest the lower price area.

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.