According to Coingabbar Technical Analysis, Ethereum is facing challenges in surpassing the crucial $2,330 resistance zone.
Currently, the price maintains a position above $2,250 and the 21-hourly Simple Moving Average.
On December 18th, Ethereum retraced to retest the Ascending Triangle pattern, resulting in a noteworthy 9% surge.
Despite breaching the Bullish Flag pattern recently, ETH struggled to sustain its position above it.
Notably, today's market activity saw Ethereum breaking the Bullish Flag pattern accompanied by significant trading volume, triggered by a tweet.
The potential for a substantial upward movement exists if Ethereum manages to close convincingly above the resistance levels at $2,330 and $2,350.
In the event of a sustained rally, there is a possibility of Ethereum reaching a new yearly high before the close of the year.
KEY LEVELS :
RESISTANCE LEVEL : $2,350-$2,400
SUPPORT LEVEL : $2,270-$2,220
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.
Also read: Bitcoin Price Prediction, Will BITCOIN Soars Toward New Peaks
Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
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