ETHEREUM PRICE ANALYSIS & PREDICTION (December 20) – ETH Recovers 4% Today But Face Rejection – Can It Overcome This Resistance Line?

Ethereum started this week bearish but has managed to recover following the latest increase in the global market cap. It saw a 4% gain today and looked prime for a fresh surge on the daily scale. 

Ethereum has shown signs of weakness after reaching the peak of $2,403 earlier this month. Although it is trying to regain strength after rebounding above $2,100 this week. But the buying pressure is dropping on the lower timeframe.

The asset is gradually losing steam on the daily chart and may soon initiate a fresh decrease if the buying volume drops. 

Aside from pulling back from its recent peak, Ethereum further rejected $2,300 last week and dropped to a low of $2,100 this Monday for the first time in three weeks. The bulls quickly defended that price level and pushed the price back above $2,200 yesterday. 

At the time of writing, it is trading conveniently above that level. An increase above the descending resistance line would activate a fresh buy to the recent peak before breaking out to a new yearly high. 

Should that fail to play due to a rejection, it may drop and extend correction near the $2000 level. Losing this level could facilitate a big crackdown in the near term. For now, it remains bullish on the daily chart.

ETH’s Key Level To Watch

Source: Tradingview

The $2,330 and $2,403 levels are the resistance to watch for an upsurge. If those levels flip, the next level to consider for a test would be $2,500, $2,600 and $2,700 respectively.

In the opposite direction, the market is supported by the $2,144 level. If the price dips below it, the potential support for drops would be the $2,030 and $1,905 levels.

Key Resistance Levels: $2,330, $2,403, $2,500, 

Key Support Levels: $2,144, $2,030, $1,905

  • Spot Price: $2,230
  • Trend: Bullish
  • Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.

Login to enjoy full advantages

Please login or subscribe to continue.

Go Premium!

Enjoy the full advantage of the premium access.

Stop following

Unfollow Cancel

Cancel subscription

Are you sure you want to cancel your subscription? You will lose your Premium access and stored playlists.

Go back Confirm cancellation