Ethereum Seems to Closely Mirror Bitcoin's Movements.
Ethereum (ETH)
ETH surged in recent days, reaching a yearly high of $2,402 on December 9. However, the ETH price also dropped by 8%, testing the low of $2,150, in response to Bitcoin's decline.
The current priority is the continuation of this local downward trend. Selling pressure is present within the broad resistance zone of $2,272-$2,315 and at the $2,350 level. If buyers can secure above these areas, ETH's local decline could be offset, leading back to an upward trajectory.
Otherwise, the correction could deepen significantly, with sellers potentially retesting the $2,150 level and then aiming for $2,100. Further declines will closely mirror BTC's movements.
ETH surged in recent days, reaching a yearly high of $2,402 on December 9. However, the ETH price also dropped by 8%, testing the low of $2,150, in response to Bitcoin's decline.
The current priority is the continuation of this local downward trend. Selling pressure is present within the broad resistance zone of $2,272-$2,315 and at the $2,350 level. If buyers can secure above these areas, ETH's local decline could be offset, leading back to an upward trajectory.
Otherwise, the correction could deepen significantly, with sellers potentially retesting the $2,150 level and then aiming for $2,100. Further declines will closely mirror BTC's movements.
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