Ethereum (ETH/USD) experienced significant downward pressure on the evening of December 9, breaking below the support line of its bullish channel. This marks the beginning of a bearish correction following the recent rally from the $2,356.50 area. As the price enters December 10, it shows further signs of decline, approaching the 23.6% Fibonacci retracement level, with potential to target the next correctional level at $3,425.50.
Given the current momentum, a bearish trend is anticipated for today. However, if Ethereum manages to breach the $3,810.00 resistance level, it would negate the current negative pressure and possibly signal a return to the bullish trend.
Trading Outlook
The expected trading range for Ethereum today is between the support level at $3,530.00 and resistance at $3,800.00.
Trend Forecast: Bearish.
The bearish correction is expected to continue, unless the price breaks above the $3,810.00 resistance, which would reverse the current downtrend.
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