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

Dec 19, 2023 at 10:22 // Price
Coin Idol

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

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

ETHUSD_(Daily Chart) – Dec.18.jpg

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.

ETHUSD_(4-hour Chart) – Dec.18.jpg

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 Readers should do their research before investing in funds.  

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