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Ethereum Price Prediction: Amid a widespread market pullback, Ethereum’s native token, ETH, experienced a sharp decline from its $2700 peak. Over two weeks, this altcoin saw a 17.7% drop in its value, now trading at $2233. Examination of the daily chart reveals that the coin is having difficulty maintaining its position above the support trendline of a long-coming channel pattern.
Despite the prevailing market uncertainty, the ongoing progress towards the Dencun upgrade and the potential introduction of a spot Ethereum ETF are anticipated to reinforce the fundamental strength of the network, potentially sparking natural growth.
Ethereum Price Prediction: Why $ETH Is At Risk of 14% Loss?
- The Dencun upgrade marks a pivotal advancement in tackling the scalability and efficiency hurdles of Ethereum, laying the groundwork for a stronger and more efficient blockchain infrastructure.
- The Ethereum price currently trades at $2240, with an insignificant change of 0.09% loss.
- The intraday trading volume in Ether is $10.9 Billion, indicating a 34% loss.
In the last seven weeks, the Ethereum price has shown consistent growth, influenced by an expanding channel pattern. This pattern is characterized by two diverging trendlines that act as dynamic support and resistance levels for market players.
During the recent downturn, the price of ETH fell to the lower trendline, seeking a stable support point for an upcoming rebound. If the pattern’s history is any indication, a potential reversal from this lower trendline could initiate a new recovery phase, potentially driving the Ether coin to surpass the $2700 mark.
Conversely, should the market’s selling pressure continue, there’s a risk that the Ethereum price might break below this crucial support line. Such a move could amplify bearish sentiments, possibly leading to a decline towards the $1918 level.
Is Ethereum Price Ready For Recovery?
Tricky waters for #Ethereum, which is facing a rejection at 0.06 BTC.
Preferably a higher low needs to be established, through which, in 2-3 weeks time, the Dencun upgrade + Spot ETF hype needs to get started. pic.twitter.com/BnLf6SxsSS
— Michaël van de Poppe (@CryptoMichNL) January 24, 2024
As per a recent analysis by renowned trader Michaël van de Poppe. Ethereum finds itself at a crucial juncture, currently facing resistance at the pivotal 0.06 BTC level. The path forward demands the formation of a stronger base, ideally leading to a higher low in the upcoming weeks.
This period is particularly significant as we edge closer to the much-anticipated Dencun upgrade and the growing excitement around potential Spot ETFs. These updated developing fundamental growth in Ethereum should bolster a natural and sustainable recovery in the market value.
- Exponential Moving Average (EMA): The falling price may find suitable support from the 100-and-200-day EMA.
- Average Directional Index: The ADX slope uptick at 19% the sellers have sufficient momentum to lead further correction.
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