Ethereum Price Dives To $2,000, Why Dips Remain Attractive
11 Dezember 2023 - 6:00AM
NEWSBTC
Ethereum price took a major hit like Bitcoin and dropped over $350.
ETH tested the $2,000 support and is currently attempting a fresh
increase. Ethereum declined over 8% and broke the $2,200 support
zone. The price is trading below $2,300 and the 100-hourly Simple
Moving Average. There was a break below a key bullish trend line
with support near $2,340 on the hourly chart of ETH/USD (data feed
via Kraken). The pair could rise again unless there is a close
below the $2,100 support zone. Ethereum Price Took A Major Hit
Ethereum price climbed further higher above the $2,300 level. ETH
even cleared the $2,350 level but the bears remained active near
the $2,400 zone. A high was formed near $2,401 and there was a
sharp decline like Bitcoin. The price declined over 8% and there
was a move below the $2,200 level. Besides, there was a break below
a key bullish trend line with support near $2,340 on the hourly
chart of ETH/USD. The pair even spiked below the $2,000 support
before the bulls appeared. A low was formed near $1,980 and the
price is now attempting a recovery wave. There was a move above the
$2,150 and $2,180 levels. The price climbed above the 50% Fib
retracement level of the downward move from the $2,401 swing high
to the $1,980 low. Source: ETHUSD on TradingView.com On the upside,
the price is facing resistance near the $2,275 zone. The next key
resistance is near the $2,300 level or the 76.4% Fib retracement
level of the downward move from the $2,401 swing high to the $1,980
low. A clear move above the $2,300 zone could send the price toward
the $2,400 level. The next resistance sits at $2,450. Any more
gains could start a wave toward the $2,500 level. Another Decline
in ETH? If Ethereum fails to clear the $2,300 resistance, it could
start another decline. Initial support on the downside is near the
$2,180 level. The next key support is $2,120. The main support is
now near $2,100. A downside break below $2,200 might start an
extended decline. The key support is now at $2,000, below which
there is a risk of a move toward the $1,880 level in the near term.
Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining
momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is
now below the 30 level. Major Support Level – $2,100 Major
Resistance Level – $2,300
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