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Home»Ethereum»Ethereum indicates potential corrections in its prices
Ethereum price corrections may take place
Ethereum

Ethereum indicates potential corrections in its prices

Saheel KhirodkarBy Saheel KhirodkarDecember 6, 2022Updated:December 7, 2022No Comments2 Mins Read
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Ethereum price corrections may take place soon
  • Ethereum has yet to break through the $1,300 resistance level against the US dollar. ETH is falling and may soon test the $1,220 support level.
  • Ethereum made another attempt to break above $1,300 but failed. The price is currently trading below $1,280 as well as the 100 hourly simple moving average.
  • ETH could fall even further, but the $1,220 support is critical.

The Ethereum price made another attempt to break through the $1,300 resistance level. However, ETH has struggled to gain traction above $1,300. Similar to bitcoin, a high was formed near $1,304, and the price began a downward correction.

The price fell below the $1,280 support level as well as the 100 hourly simple moving average. Furthermore, on the hourly chart of ETH/USD, there was a break below a key bullish trend line with support near $1,272.

The price of ether has dropped to as low as $1,248 and is currently consolidating losses. Above $1,260, there was a minor increase. The price has risen above the 23.6% Fib retracement level of the recent drop from the $1,304 swing high to the $1,248 low.

On the upside, there is immediate resistance near the $1,270 level and the 100 hourly simple moving average. The first major resistance is located near $1,275. It is close to the 50% Fib retracement level of the recent drop from the $1,304 swing high to the $1,248 low.

Source: Trading View

A close above the $1,275 resistance level could send the price even higher. The next major resistance is near $1,300, above which the price of ether may test $1,320. Any further gains could push the price up to the $1,400 resistance level.

The retest of ETH’s Key Support?

If ethereum fails to break through the $1,275 resistance level, it may continue to fall. On the downside, an initial support level is near $1,250.

The next major support is around $1,220. If the price falls below $1,220, it may test the $1,165 support. Any further losses could push the price down to the $1,100 support.

ETH ETH price Ethereum Ethereum correction ETHUSDT
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Saheel Khirodkar
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Saheel works as a content writer for Bitnewstoday. He has always been interested in journalism and enjoys writing. Furthermore, His interest lies in cryptocurrency, and is continuously seeking for new techniques to invest. In his free time, he enjoys staying up to date on the latest industry news and spending time with his family.

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