Ethereum

Cryptocurrency

Gold

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 <p class="paragraph">Since October, the crypto market has been enjoying a mostly decisive uptrend, with multiple cryptocurrencies reaching highs not seen since early 2022. Ethereum (ETH), one of the world’s most prominent digital assets, rose above $2,300 during this time.</p>
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 <p class="paragraph">Things, however, took an unexpected turn in the night between December 10 and 11 when liquidations totaling approximately $300 million sent multiple cryptocurrencies rapidly dropping. Bitcoin (BTC) fell from more than $44,000 to below $42,000, and Ethereum declined from about $2,350 to about $2,250.</p>
 <p class="paragraph">Unlike Bitcoin, which somewhat stabilized, ETH continued its decline, and crypto trader and analyst <em>AlanSantana </em>posted his assessment and the accompanying chart on <em>TradingView</em>, stating that for Ethereum, “the <a rel="noopener noreferrer nofollow" title="bearish" href="https://thebittimes.com/tag/bearish.html">bearish</a> wave is only now starting, but it is already <a rel="noopener noreferrer nofollow" title="happening" href="https://thebittimes.com/tag/happening.html">happening</a>.”</p>
 <figure class="wp-block-image aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh7-us.googleusercontent.com/kB7_3YgeWjNaxfkEVMQudhctNXlGAzCMbUsN2n3d9j1QVqUkXsiskzni2FDOvKtVEQpsc0rjWBqcWx32AZlJ2NFVbSjhCI5xVk3nyNxsIZOs8SKZQ6HVLck674Dr0CCx7WUXZKv-rYXI9OKQSu1OuiI" alt>
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   ETH price chart analysis. Source: TradingView and AlanSantana
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 <h2 class="wp-block-heading" id="h-eth-is-in-a-strong-downtrend-as-sell-volume-surges">ETH is in a strong downtrend as sell volume surges</h2>
 <p class="paragraph">In his breakdown of the current state of Ethereum, <em>AlanSantana </em>stated that during trading on December 12, the cryptocurrency “produced the strongest <a rel="noopener noreferrer nofollow" title="bearish" href="https://thebittimes.com/tag/bearish.html">bearish</a> session in many months.” The analyst went on to explain that ETH’s selling volume has significantly overtaken the buying volume and that the cryptocurrency, in fact, closed below the 10-day exponential moving average (EMA 10).</p>
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 <p class="paragraph">Additionally, Ethereum’s relative strength index (RSI), amidst the <a rel="noopener noreferrer nofollow" title="bearish" href="https://thebittimes.com/tag/bearish.html">bearish</a> momentum, is “jumping off a cliff.”</p>
 <p class="paragraph">While warning that ETH is bound for a significant drop, <em>AlanSantana </em>also offered some silver lining to crypto traders, predicting that after the current price correction is over, the cryptocurrency will have a stronger year than 2021. In 2021, Ethereum rose above $4,000 for the first and only time in its history and ended the year strong at more than $3,760.</p>
 <p class="paragraph">Finally, in his post, <em>AlanSantana </em>concluded that despite the <a rel="noopener noreferrer nofollow" title="bearish" href="https://thebittimes.com/tag/bearish.html">bearish</a> trend, there is little reason to panic and added that the market always offers opportunities to investors and always offers enough time to act.</p>
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  <p class="paragraph">There is always plenty of time to act.</p>
  <p class="paragraph">The market offers endless opportunities… And is here to stay.</p>
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 <h2 class="wp-block-heading" id="h-eth-price-analysis">ETH price analysis</h2>
 <p class="paragraph">Ethereum entered the biggest bull run of 2023 in late October after renewed investor enthusiasm and a string of positive news sent the crypto market rallying. This uptrend experienced a sharp stop in the early hours of Monday, December 11, and in the last seven days ETH declined 7.94%.&nbsp;</p>
 <p class="paragraph">The cryptocurrency’s performance in the last 24 hours seemingly confirms <em>AlanSantana’s </em>assessment, as Ethereum declined 2.17% and stood at $ 2,184 at the time of publication.</p>
 <figure class="wp-block-image aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh7-us.googleusercontent.com/85VVssiNe0rwdyUN_S6UDswPHqGHHnvTT0LU3nIhIYkrKf3ymSr_IspSE1VBp3av3Mw0-8IPOgx2ODR_PLbW-YVWSbg2IGrekYSCGVnT-eSJmBr1kI-ZbTcYwstdRJto9sFNaJJDaM33U8EcLjRYDwY" alt>
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   ETH 1-day price chart.
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 <p class="paragraph">Despite the current price correction, ETH’s overall performance so far in 2023 remains impressive. Between October 18 and December 13, it climbed about $500 from $1,567. Since the beginning of the year, Ethereum is up a total of 80.96%.</p>
 <p class="paragraph"><strong><em>Disclaimer</em></strong><em>: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/ethereum-s-bearish-wave-is-already-happening-says-expert-tbt73519.html">https://thebittimes.com/ethereum-s-bearish-wave-is-already-happening-says-expert-tbt73519.html</a></p>

Ethereum’s bearish wave ‘is already happening,’ says expert

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