Ethereum (ETH) has reached a critical decision zone as we approach the end of the week. The popular cryptocurrency is fluctuating around the resistance line between $2,290 and $2,365 in the short term. According to the 1-hour ETH/USD chart shared by chart analysis firm MCO Global DE, ETH is making its first resistance test in this range. Despite the recovery seen on Friday, experts state that the rise has not yet gained strong momentum.
Fibonacci levels and weekend outlook
The red resistance box that draws attention on the charts also coincides with important Fibonacci levels. The levels of 38.2 percent at $2,290, 50 percent at $2,312, 61.8 percent at $2,334 and 78.6 percent at $2,365 are noteworthy. This area seems to be the determinant of price movements in the coming days and especially at the weekend. According to MCO Global DE, if ETH breaks above this zone, the yellow downtrend line is next. The trend line in question continues to put pressure on the price in recent weeks.
Experts state that if ETH maintains its current rise, it may move to the upper ranges in the short term. However, it is estimated that unless the $ 2,365 level is clearly exceeded, buyers will remain cautious and prices will either remain horizontal in the resistance zone or retreat.
On the other hand, if Ethereum does not break upwards, the areas below as support will gain importance. The chart lists $2,240, $2,178, $2,119, and $2,037 as possible downside targets. These points indicate that we are close to the lows seen last week.
Mid-range status and upper band possibility
The 2-hour ETH/USD chart shared by Castillo Trading points out that the price is looking for balance in mid-December. ETH, struggling at the mid-range level, needs to make this region a strong technical support. According to Castillo Trading, if this level is held, ETH may move towards the upper band again and try levels described as the ‘premium’ price zone here.
The price continues to remain horizontal just above the support zone defined as the blue box. If buyers continue to gain the upper hand in this zone, $2,600 can be targeted in the upper band. A stronger rise could accelerate towards $2,735, corresponding to the red nPOC level.
At this stage, maintaining the mid-range as support for Ethereum is critical in terms of bullish expectations. Otherwise, it is possible that the price will retreat to the lower ranges again. In a new sell wave, levels to watch on the downside include $2,082, $2,057, $1,903, and $1,826. The lowest support is around $1,800.
On the MCO Global DE chart, “If the ETH price continues to remain within the short-term resistance zone, it is predicted to spend the weekend in this band and a valid break for the upper range is expected.” comment was included.
Particularly for Ethereum, which is closely watched by crypto investors, it will be carefully monitored how these technical levels, which may be decisive in the medium term, will be reflected in price movements.
