Ethereum price fell sharply

The main altcoin began to decline from the level of $2,350. ETH dropped below $2,320 and $2,300. The price even fell below $2,250.

The minimum was formed at $2237, however, now the price of ETH $2,237.21 is trying to rise again, as well as BTC $42,600.22

At the time of writing, Ethereum is trading at $2,237, down 2% over the past 24 hours.

The trend line is close to the 50% Fib retracement level of the downward move from the $2,327 swing high to $2,237 low. A close above the $2290 resistance could send the price towards $2320.

The main resistance is at $2350. A clear move above the $2,350 zone could be the start of a significant rise. The next resistance is at $2,420, above which Ethereum could rise and test the $2,550 zone.

According to analysts, if Ethereum fails to overcome the resistance at $2,290, a new decline could begin. Initial support on the downside is near the $2,250 level.

The first key support could be the $2220 zone. A break down and a close below $2,220 could trigger a bearish move. In this case, ETH may return to the support level of $2120. Any further losses could send the price towards the $2040 level.

Let us remind you that on December 20, crypto expert Anthony Sassano published his “bullish forecast” for ETH for 2024. According to the analyst, there are several catalysts that could 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 delayed its decision on the Hashdex Nasdaq Ethereum ETF and the Grayscale Ethereum Futures ETF. The agency is likely testing the waters with Bitcoin products before approving an Ethereum-based spot ETP.