The fall of the Ethereum cryptocurrency has become known

The price of the main altcoin began a downward correction from $ 2,350. ETH dropped below $ 2,320 and $ 2,300. The price even dropped below $ 2,250.

The low was formed at $ 2237, however, now the price of ETH $1,856.55 Bridged Ether (StarkGate) -1.71% Market capitalization $0.16 billion VOL. 24 hours $0.76 billion is trying to rise again, as is BTC $82,856.49 Bitcoin -2.38% Market capitalization $1.64 trillion VOL. 24 hours $1.63 billion At the time of writing, Ethereum is trading at $ 2237, down 2% over the past day.

The trend line is close to the 50% Fibo retracement level from the downward movement from the high of $ 2327 to the low of $ 2237. A close above the $ 2290 resistance could send the price to $ 2320.

The main resistance is at $ 2350. A clear move above the $ 2350 zone could be the start of a significant upside. The next resistance is at $ 2,420, above which Ethereum can rise and test the $ 2,550 zone.

According to analysts, if Ethereum fails to overcome the resistance at $ 2,290, a new decline may begin. The initial support on the downside is near the $ 2250 level.

The first key support could be the $ 2220 area. A breakdown and close below $ 2220 could trigger a bearish move. In this case, ETH may return to the $ 2120 support level. Any further losses could send the price to $ 2040.

As a reminder, on December 20, crypto expert Anthony Sassano published his bullish forecast for ETH for 2024. According to the analyst, there are several catalysts that can help ethereum surpass even bitcoin.

Sassano noted that an ETH spot exchange-traded fund could be approved in 2024. However, on December 18, the SEC postponed its decision on the Hashdex Nasdaq Ethereum ETF and the Grayscale Ethereum Futures ETF. Most likely, the agency is exploring the ground with bitcoin products before approving a spot ETP based on ethereum.