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ETH Bears Fight But The Coin Could Slide Again: Price Analysis

12/23/2020

The ETH bears fight still but there’s a chance that Ethereum’s coin could still slide because it failed to clear the $640 level and struggled to stay above $620 so let’s read more in today’s ETH price news.

ETH remained well bid above the $590 zone and recovered above the $620 level with the price consolidating near the $620 level but below the 100 hourly simple moving average. There was a break above the connecting bearish trend line with the resistance nearing the $625 on the hourly charts of the pair. The ETH bears fight but the pair could slide again if it fails to stay above the $620 support zone.

eth.usd
Source ETHUSD on TradingView.com

After the downside extension, ETH found support near the $590 zone and traded as low as $588 before starting a fresh increase above the $600 pivotal level. The bulls were able to push the price above the $620 resistance level with a break above the connecting bearish trend line with the resistance near the $625 on the hourly charts of the ETH/USD pair. ETH surged above the $630 level and the 100 hourly simple moving average. It did fail to clear the $638 zone and a new high was later formed near the $639 and the price is now declining.

There was a break below the $630 level and the 100 hourly simple moving average with the price trading below the 23.6% fib retracement level from the wave at the $588 low to the $639 high. ETH is trading near the broken trend line and the $620 support with a downside break below the $620 that could spark another decline. The next support is near the $612 level with the 50% fib retracement level of the recent wave of $588 low to $639 high.

josh olszewicz eth usd
Image Courtesy of Josh Olszewicz. Source ETHUSD on TradingView.

If ETH stays above the $620 support level, there’s a chance that it could start a fresh increase with the initial resistance on the upside is near the $628 level or the 100 hourly SMA. The first major resistance is nearing the $634 level followed right after the $640 zone with a clear break above this zone could open the doors for a sustained upward movement to the $650 level. The MACD for the pair is moving into the bearish zone with the RSI for the pair closing to the 50 level.