Ethereum is currently at 4.7% for this last month of the year. Given the price movement, this decline is likely to continue.
Ether (ETH) price remains stuck in a narrow range.
Since Friday, the value of this crypto has not really moved. Indeed, during the Christmas holidays, the price of ether hovered around $1220. But we also note the two small “Dumps” of December 22 and 25. Sure enough, the December 22 low led the price to brush against the $1185 support. After that, Ether (ETH) retraces to the $1220 area to do a pre-Christmas range. Today, this crypto has, again, made a negative performance of 1.83% at the time of writing these lines.
This shows that the resistance at the $1220 area is relevant. Today’s decline may lead the price to the next closest support. This is the $1190 level. However, with low volume, it will be difficult for sellers to break this support. Thus, we can envisage a rebound of the price on this zone. The breakout of the $1220 and $1190 range will likely dictate the next direction for the price. However, even if Ether (ETH) breaks through the $1220 hurdle, there will be another critical level. This is the $1250 area. This is a critical hurdle for buyers as it lines up with the 50% level of the Fibonacci tool. Therefore, it could be that this zone sends the price back below $1150.
A potential drop below $1150
Currently, Ethereum is currently in the red. The price was unable to break through the December 22 high. With this, we can envision two bearish scenarios. First, if the price breaks through the resistance at $1220, it may be a false breakout towards $1250. Once in this zone, ether (ETH) will likely start lower towards $1150. Otherwise, it could also be that the price breaks the $1220-$1190 range right away. In this case, we can expect a slight pull-back, before the fall.
If the price breaks above the $1300 area, this will be the signal for a bullish rally on Ether (ETH). However, this seems unlikely as bitcoin’s price structure remains bearish. But also, the crypto industry is currently vulnerable following the collapse of FTX.
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