- Ethereum price is down by 6% on the month.
- ETH bulls face resistance from a previous support zone.
- A breach above the mid-$1,230 level could create the potential for a recovery rally.
Ethereum price is facing significant resistance going into the final trading weekend of December. Investors may want to prepare for a $1,000 ETH price in the coming weeks. Key levels have been defined to gauge when how the anticipated downswing would look.
Ethereum price underwater
Ethereum price is undergoing strong suppression as the bears deny entry to the mid $1200 barrier. On December 25, ETH sitt 6% below the monthly open, adding an 8% decline to last week's closing price. As the ETH price consolidates, the decentralized smart-contract token shows little remorse for early bulls in the market. On the daily time frames, bearish engulfing candlesticks are prevalent, with slight upticks in volume, suggesting ETH is on its way further south.
Ethereum price currently auctions at $1,210. On December 16, The bears produced a daily closing candlestick beneath the $1,230 zone causing a 3% loss from the average market value. The breach is a clear warning signal as the zone was essential in providing support during ETH's 30% uptrend rally in October.
The bulls have attempted to regain access to the vital support zone but have been denied on several occasions following the breach. If market conditions persist, the nail in the coffin may already be in. A sweep of the weekly low of $1,163 could send ETH back to sub-1,000 price levels.
ETH/USDT 1-Day Chart
At the time of writing, the bulls will need to produce a spike and consolidation above the $1,230 zone to consider a countertrend idea. The next bullish target would be the $1,300 level and potentially $1,350. The Ethereum price would rise by 8% increase if the bulls are successful.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.