Ethereum on a key support zone

6:16 PM 18 December 2023

Cryptocurrencies are trading under downward pressure today, nevertheless the magnitude of the early declines has already been partially erased. Bitcoin is currently back from the levels of local minima set in the first half of December. The situation on Ethereum is currently a bit more pessimistic due to the fact that the cryptocurrency has broken out of the local lows we mentioned when describing Bitcoin (also the first half of December).

Moreover, just before 6pm, the SEC, or the US Securities and Exchange Commission, announced that it had postponed its decision on ETH based on Ethereum futures.

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From a technical point of view, ETH has broken out of the important support barrier set by the broken local peaks of April this year, and the key defining aspect of future movements on this cryptocurrency may depend on whether the supply side manages to close the weekly saree below this barrier. The key resistance level all the time remains the local peak at $2400. Source: xStation

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