- 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.
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