{"id":1706,"date":"2024-12-10T05:11:07","date_gmt":"2024-12-10T05:11:07","guid":{"rendered":"https:\/\/bitcotasks.com\/blog\/ethereum-price-faces-pressure-bulls-tested-after-setback\/"},"modified":"2024-12-10T05:11:07","modified_gmt":"2024-12-10T05:11:07","slug":"ethereum-price-faces-pressure-bulls-tested-after-setback","status":"publish","type":"post","link":"https:\/\/bitcotasks.com\/blog\/ethereum-price-faces-pressure-bulls-tested-after-setback\/","title":{"rendered":"Ethereum Price Faces Pressure: Bulls Tested After Setback"},"content":{"rendered":"<p><em>Ethereum price corrected gains below the $3,880 zone. ETH is now recovering some losses and facing hurdles near the $3,800 resistance zone.<\/em><\/p>\n<ul>\n<li>Ethereum started a downside correction below $3,880 and $3,800.<\/li>\n<li>The price is trading below $3,880 and the 100-hourly Simple Moving Average.<\/li>\n<li>There is a key bearish trend line forming with resistance at $3,815 on the hourly chart of ETH\/USD (data feed via Kraken).<\/li>\n<li>The pair could start a fresh increase if it stays above the $3,600 support zone.<\/li>\n<\/ul>\n<h2>Ethereum Price Dips Further<\/h2>\n<p>Ethereum price failed to stay above the $4,000 zone and started a downside correction like Bitcoin. ETH declined below the $3,880 and $3,800 support levels. It even spiked below $3,600.<\/p>\n<p>A low was formed at $3,488 and the price is now recovering some losses. It climbed above the $3,550 and $3,620 levels. The price surpassed the $3,700 level and tested the 50% Fib retracement level of the downward move from the $4,017 swing high to the $3,488 low.<\/p>\n<p>Ethereum price is now trading below $3,880 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,780 level. The first major resistance is near the $3,800 level.<\/p>\n<p>There is also a key bearish trend line forming with resistance at $3,815 on the hourly chart of ETH\/USD. The trend line is close to the 61.8% Fib retracement level of the downward move from the $4,017 swing high to the $3,488 low.<\/p>\n<p><img decoding=\"async\" data-recalc-dims=\"1\" loading=\"lazy\" class=\"size-full wp-image-659672\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2024\/12\/Ethereum_87d6ae.png?resize=1024%2C478\" alt=\"Ethereum Price \" width=\"1024\" height=\"478\" \/><\/p>\n<p>The main resistance is now forming near $3,880. A clear move above the $3,880 resistance might send the price toward the $4,000 resistance. An upside break above the $4,000 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,050 resistance zone or even $4,120.<\/p>\n<h2>More Losses In ETH?<\/h2>\n<p>If Ethereum fails to clear the $3,780 resistance, it could start another decline. Initial support on the downside is near the $3,620 level. The first major support sits near the $3,560 zone.<\/p>\n<p>A clear move below the $3,560 support might push the price toward the $3,480 support. Any more losses might send the price toward the $3,350 support level in the near term. The next key support sits at $3,250.<\/p>\n<p>Technical Indicators<\/p>\n<p>Hourly MACD<strong> \u2013 <\/strong>The MACD for ETH\/USD is losing momentum in the bullish zone.<\/p>\n<p>Hourly RSI<strong> &#8211; <\/strong>The RSI for ETH\/USD is now below the 50 zone.<\/p>\n<p>Major Support Level \u2013 $3,620<\/p>\n<p>Major Resistance Level \u2013 $3,880<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum price corrected gains below the $3,880 zone. ETH is now recovering some losses and facing hurdles near the $3,800 resistance zone. Ethereum started a downside correction below $3,880 and $3,800. The price is trading below $3,880 and the 100-hourly Simple Moving Average. There is a key bearish trend line forming with resistance at $3,815&hellip;<\/p>\n","protected":false},"author":1,"featured_media":1707,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[147],"tags":[138,148,102,104,105],"class_list":["post-1706","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-eth","tag-eth","tag-ethbtc","tag-ethereum","tag-ethusd","tag-ethusdt"],"_links":{"self":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts\/1706","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/comments?post=1706"}],"version-history":[{"count":0,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts\/1706\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/media\/1707"}],"wp:attachment":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/media?parent=1706"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/categories?post=1706"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/tags?post=1706"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}