Ethereum Price Prediction, Will Triumph or Succumb to Market Forces
- ETH price has encountered a significant long-term horizontal resistance zone, present since the beginning of 2022.
- Ethereum's price stabilizes in an upward trend, starting the New Year bullish, exceeding $2,400.
- Surge in demand noted post the release of the 2024 Ethereum network roadmap by Vitalik Buterin.
Ethereum faces resistance at $2450, drops once more.
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According to Coingabbar Technical Analysis, On the daily chart, ETH resides within the trendline of an ascending parallel channel.
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From Oct 2023, ETH is trading above 50 Day EMA.
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On the 4-hour chart, Ethereum Price is at a Tipping Point.
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ETH started a fresh surge above the $2400 level but failed to cross $2450 and fell back.
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On the 4-hour chart, ETH is facing major resistance from the $2450 level.
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Yesterday on the daily chart, ETH has formed a Long Upper Shadow indicating that bears are active near the high.
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Ethereum aims for an upside break above the $2,450 resistance, potentially rallying akin to Bitcoin with a close above $2,500
KEY LEVELS :
RESISTANCE LEVEL : $2,410-$2,450
SUPPORT LEVEL : $2,350-$2,300
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.
