ETH Price Prediction, Silence Before the Storm or Stability Amid Chaos

Key Takeaways
  • Ethereum's DeFi ecosystem encounters challenges due to scalability issues on Layer 1 and high transaction fees.
  • Despite Ether surpassing $2,300 and the 20-day EMA, momentum weakens amid increased selling pressure.
26-12-2023 By: Lokesh Gupta
ETH Price Prediction, Silence Before the Storm or Stability Amid Chaos

ETH slips under $2,300, risking further decline below $2,200 support.

  • According to Coingabbar Technical Analysis, Ethereum faced a downward correction after reaching the $2,350 resistance against the US Dollar.

  • There's a possibility of ETH revisiting the $2,200 support before initiating a new upward movement.

  • Despite breaking the Bullish Flag pattern, Ethereum encountered difficulties in maintaining its position above it.

  • Ethereum is currently below the crucial $2,250 support zone and the 200-hourly Simple Moving Average.

  • Following two days of selling pressure, Bulls took charge yesterday, breaching the $2,300 level. However, they struggled to sustain the momentum and retreated below $2,250.

  • Is the current phase of consolidation set to persist, or is there potential for a breakout to occur?

KEY LEVELS :

RESISTANCE LEVEL : $2,270-$2,320

SUPPORT LEVEL : $2,200-$2,140

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.

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