Ethereum Technical Analysis Report | 12th-December-2023


On December 11th, ETH encountered a notable 9.5% correction. Nevertheless, buyers promptly intervened to uphold the $2,220 support level. This occurrence has sparked inquiries among traders regarding the Ethereum network’s capability to restore the bullish momentum in Ether’s price. Moreover, considering that the decline in the TVL on the Ethereum network appears to be balanced by an increasing demand for its scaling solutions, there is currently no compelling reason to interpret the price drop on December 12th as an indicative signal for further correction.

At the time of writing, ETH was trading at $2,237.

Ethereum Tuesday Daily Chart-12th Dec 2023
Ethereum (ETH) Chart

ETH was facing stiff resistance at the previous high of $2,146. However, the bulls finally were able to break the long-held resistance and the prices surged up to $2,403. The asset resisted at the key resistance level of $2,400 (Horizontal Trendline) and witnessed some profit booking. The prices corrected almost by 10.6% and dropped to $2,156. Currently, $2,150 is acting as a strong support and if the asset holds and sustains above the support then we may expect the bulls to resume the up move. To further rally, ETH needs to break, close and sustain above $2,400.

Key Levels:

  Support 2Support 1AssetResistance 1Resistance 2

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