Ethereum price is still struggling to clear the $2,265 resistance while Bitcoin extended gains. ETH could rally if there is a close above $2,265 and then $2,320.

Ethereum is still struggling to gain pace for a move above the $2,265 resistance zone.
The price is trading above $2,220 and the 100-hourly Simple Moving Average.
There is a key bullish trend line forming with support near $2,180 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a strong increase if there is a close above $2,265 and $2,320.

Ethereum Price Aims Higher

Ethereum price managed to stay above the $2,200 support zone. The bulls protected a major downside break and pushed the price above the $2,220 level.

There was a push above the $2,250 level, but the bears are still active near the $2,265 resistance zone. A high was formed near $2,264 and the price is now consolidating gains near the 23.6% Fib retracement level of the recent increase from the $2,155 swing low to the $2,264 high.

Ethereum is now trading above $2,220 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support near $2,180 on the hourly chart of ETH/USD.

On the upside, the price is facing resistance near the $2,265 level. A close above the $2,265 barrier could start a decent increase. The next key resistance is near the $2,320 level. A clear move above the $2,320 zone could send the price toward the $2,400 level.

Source: ETHUSD on TradingView.com

The next resistance sits at $2,420. Any more gains could start a wave toward the $2,500 level, above which Ethereum might rally and test the $2,550 zone.

Another Rejection in ETH?

If Ethereum fails to clear the $2,265 resistance, it could start another decline. Initial support on the downside is near the $2,220 level and the 100 hourly SMA.

The first key support could be the $2,180 zone and the trend line. A downside break and a close below $2,180 might send the price further lower. In the stated case, Ether could revisit the $2,120 support. Any more losses might send the price toward the $2,000 level in the coming sessions.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

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

Major Support Level – $2,180

Major Resistance Level – $2,265

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Filed under: Bitcoin - @ December 22, 2023 4:19 am