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