Ethereum Price Prediction, ETH Gears Up for a Bullish Charge
- BitMEX founder Arthur Hayes made it known through a tweet that he is swapping his Solana holdings for Ethereum.
- Investors are eagerly awaiting the approval of a Spot Bitcoin ETF, a development poised to play a pivotal role in initiating a noteworthy price rally.
- Notably, Ethereum has seen a robust 5% surge in the past 24 hours, surpassing the crucial $2300 mark, marking a substantial increase following a week of fluctuations.
ETH is facing resistance at $2,330; might soar if it close over $2,350
-
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.
