ETH Prediction, Is the Rally Taking a Short Break or a Leap Forward

Key Takeaways
  • Ethereum has held over $2150 despite the crypto market's uncertainties.
  • The $2150 level corresponds to the 23.6% Fibonacci retracement, which confirms the general positive trend.
  • Intraday, ETH gained 5.80%, breaking above a resistance trendline, signaling a potential uptrend continuation.
28-12-2023 By: Lokesh Gupta
ETH Prediction, Is the Rally Taking a Short Break or a Leap Forward

ETH trades above $2,350; potential gains anticipated beyond $2,450.

  • According to Coingabbar Technical Analysis, Ethereum (ETH) is gaining momentum above the $2,350 resistance zone, marking a 5.80% surge.

  • ETH exhibits outperformance against Bitcoin, breaking free from the overhead trendline.

  • Examining the 4-hour chart, Ethereum validates the presence of an inverse head and shoulders pattern, a positive indicator for a bullish trend.

  • Shifting to the daily chart, it is evident that ETH is securing support along the lower trendline of an ascending parallel channel, emphasizing the continuation of a robust trend.

  • Despite a bullish outlook, buyers may face resistance around the $2,400 level.

  • Crucially, maintaining the $2,300 support is key; sustained support could propel ETH toward resistance levels at $2,500 and $2,550.

KEY LEVELS :

RESISTANCE LEVEL : $2,405-$2,445

SUPPORT LEVEL : $2,335-$2,290

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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