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<p style="text-align: justify">Ethereum’s (ETH) price reached its annual high of $2,403 on December 9, but has since experienced a sharp decline. It has also rapidly increased since the beginning of October. On November 5, it accelerated its rise further by breaking out of the descending resistance trend line. After a brief rejection from the horizontal resistance area, ETH price reached its highest level of the year, $2,403, on December 9.</p> 
<h2 id="downward-momentum-in-eth">Downward Momentum in ETH</h2> 
<p style="text-align: justify">ETH has been falling since the mentioned time and sharply declined today. The price dropped to $2,145 before a slight bounce. Due to the decline, Route 2 Fi noted that ETH was as weak as <a href="https://en.coin-turk.com/what-will-fed-decide-analysts-predictions-on-china-xrp-and-pepe-cryptos-by-qcp-capital/" data-wpel-link="internal">Bitcoin</a> during June 2022. Using RSI as a momentum indicator, investors can determine whether the market is overbought or oversold, and decide whether a token should be accumulated or sold.</p> 
<p style="text-align: justify">If the RSI value is above 50 and the trend is upward, the bulls have an advantage, but the opposite is true if the reading is below 50. RSI is showing mixed data. The indicator fell after forming a declining trend. However, it is still above 50. While the daily timeframe presents a mixed reading, the weekly timeframe may consistently show an upward trend. The main reason for this could be the breaking of the long-term $2,000 horizontal resistance area.</p> 
<p><img loading="lazy" decoding="async" loading="lazy" class="size-full wp-image-287542 aligncenter" src="https://coin-turk.com/wp-content/uploads/2023/12/eth-1.webp" alt="" width="1807" height="809"></p> 
<h2 id="expert-opinion-on-eth">Expert Opinion on ETH</h2> 
<p style="text-align: justify">Experts believe that the region has existed since April 2022, except for the deviation in April. Therefore, a departure from here is expected to lead to a significant increase. Cryptocurrency analyst Daan <a href="https://en.coin-turk.com/garanti-bbva-launches-cryptocurrency-services-a-game-changer-for-investors/" data-wpel-link="internal">Crypto</a> believes that today’s decline resulted from the liquidation of leveraged long positions. The expert analyst said the following on the matter:</p> 
<blockquote> 
 <p style="text-align: justify">People were overly leveraged and prices were not increasing. Just a slight push is enough for all these positions to melt and create a squeeze like we just experienced.</p> 
</blockquote> 
<p style="text-align: justify">He also supports that the weekly RSI continues to rise. The indicator is above 50 and moving upward. The next long-term resistance in the weekly timeframe is at the $3,500 level. For the price to reach this level, ETH may need to increase by 60%.</p> <span style="font-weight:bold;font-size:16px">Continue Reading:</span> <a href="https://en.coin-turk.com/ethereums-eth-price-experiences-a-sharp-decline-is-a-recovery-possible/" data-wpel-link="internal">https://en.coin-turk.com/ethereums-eth-price-experiences-a-sharp-decline-is-a-recovery-possible/</a>

Ethereum’s (ETH) Price Experiences a Sharp Decline: Is a Recovery Possible?

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