Ethereum Price Prediction As Sellers Breaks Multi-Week Support to Target $1900
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.
Related Articles:
- Celsius Shifts $40 Mln Ethereum To Coinbase Amid ETH Price Dip To $2,200
- 3 Top Altcoin To Buy Today 24 Jan: DOGE, SOL, MANTA
- Crypto Price Prediction For January 24: SOL, STX, DOGE
- LBank Signs Sponsorship Deal with Argentine National Team, Launches $100M Bonus
- ASTER Leads Perp DEX Volumes Despite $4.8M Wintermute Transfers
- USDH Launch Boosts Hyperliquid Amid Competitive Market Pressure
- SEC to Decide on Six Spot XRP ETF Applications in October
- Ripple Partners with Ondo Finance to Tokenize U.S. Treasuries on XRPL
- Pepe Coin Price Bounce Likely as Support Zone Aligns With Rising Social Activity
- Solana Price Set for Recovery Amid Wyckoff Accumulation and Canary Capital ETF Filing
- Avalanche Price Could Surge to $50 as Transactions Jump 200%
- CHMPZ Price Prediction:Will This Net-Zero Community Token be the Next Gem?
- Ethereum (ETH) Price Set for a rebound as Whales Accumulate $1.6B ETH and Outflows Hit $622M
- HYPE Price Prediction As Bitwise Files For Hyperliquid ETF – Is $55 In Sight?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
