Back to the list

ETH Far Away From $1,515 Support; Tests Another Support at $1,240

source-logo  coinedition.com 12 December 2022 11:10, UTC

After a short bloom, the crypto market has again spurned, causing major coins including Bitcoin (BTC) and Ethereum (ETH) fall. ETH is now trading unpredictably after it loses its upward trajectory on November 30.

As of this writing, ETH was trading at $1,247, with a 2.23% and 3.88% dip in the past 24 hours and the last seven days, respectively.

ETH/USDT 4-Hour Trading Chart (Source: TradingView)

Currently, ETH finds a support zone at $1,240 (Support 1) and another support zone at $1,220, in the 4-hour trading chart. The lower tick of the current green candle has just touched Support 1. ETH may spike to another higher level as the candle is green, but it is limited to only the 4-hour chart. However, if the price falls below Support 1, ETH is expected to reach Support 2.

Additionally, from November 30 to December 9, ETH has been testing the key resistance zone of $1,300. However, since December 10, the coin has been falling away from the resistance zone, putting more pressure on its price.

ETH/USDT 1-Day Trading Chart (Source: TradingView)

Contrastingly, in the 1-day trading chart, ETH holds a red candle that has rejected the $1,300 resistance zone. Also, the EMA 51 shows that ETH could not ascend at this zone as the candle did not even touch the EMA line.

Since the beginning of December, ETH has been following uniform price levels with meager gains. If ETH should showcase an astounding price, it should break the $1,515 support zone at the minimum and shoot up to higher ranges.