Ethereum

Rally

Bitcoin

<img width="1200" height="681" src="https://coingape.com/wp-content/uploads/2023/12/EaIukORW-e1702663993669.png" class="attachment-full size-full wp-post-image" alt="ETH Price" decoding="async" style="float:right; margin:0 0 10px 10px;">
Ethereum Price Prediction: The cryptocurrency market witnessed a <a href="https://coingape.com/markets/bitcoin-price-pennant-pennant-predicament-could-sweep-40000-is-this-the-dip-before-the-rip/">surge in volatility</a> as the digital assets Bitcoin and Ethereum entered into a minor correction. This pullback has plunged the ETH price from a recent top of $2400 to $2238, registering a 7.4% loss. However, this retracement lies within the range of a rising channel pattern and projects the recovery is intact. 
Also Read:<a href="https://coingape.com/peter-brandt-stirs-debate-with-harsh-critique-of-ethereum/"> Peter Brandt Stirs Debate with Harsh Critique of Ethereum</a> 
<h2 id="b-channel-pattern-hints-next-jump-above-2500-b">Channel Pattern Hints Next Jump Above $2500</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">A channel pattern leads the current recovery trend in the ETH price</li> 
 <li style="font-weight: 400;" aria-level="1">Until the pattern’s lower trendline is intact, the coin holders can enjoy the bull rally</li> 
 <li style="font-weight: 400;" aria-level="1">The intraday trading volume in Ether is $10.2 Billion, indicating a 78% gain.</li> 
</ul> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/e/EaIukORW.png" alt="Ethereum Price Prediction" width="1946" height="1105">
 <figcaption class="wp-caption-text">
 Ethereum Price Prediction| TradingView Chart
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</figure> 
Since mid-October, Ethereum (ETH) has shown a robust recovery, beginning with a rebound from the $1522 support level. This rally is best understood through the lens of a channel pattern, characterized by two ascending trendlines that have been providing dynamic resistance and support to the price movements. 
On December 13th, the <a href="https://coingape.com/price/ethereum/">Ethereum price</a> marked its latest recovery from the lower trendline of this pattern, evidenced by a morning star candle formation. This reversal propelled the price to its current level of $2243, signaling the onset of a new bull cycle within the confines of the channel pattern. 
<blockquote>
 If the ETH price continues to adhere to the trajectory set by this channel pattern, we could see a 12-15% surge, potentially reaching the upper trendline in the region of $2500 to $2600. As long as these two trendlines remain intact, Ethereum is likely to maintain its upward trajectory, albeit with minor pullbacks along the way.
</blockquote> 
However, a breakout above the channel’s resistance could significantly amplify buying momentum, potentially leading to a more substantial recovery. In such a scenario, initial targets could be set at $2730, with a further potential rise to $3260, marking key milestones in Ether’s bullish journey 
<h2 id="b-can-eth-price-fall-back-to-2000-b">Can ETH Price Fall Back to $2000</h2> 
While the current market outlook for Ethereum price seems strongly bullish, the rising channel pattern in a strong rally can commonly lead to a decisive breakdown from the lower trendline. This breakdown would likely intensify the selling pressure and trigger a significant correction in ETH price. Thus, under the influence of this pattern, the Ethereum coin may revisit $2000 coin again 
<ul> 
 <li aria-level="1">Bollinger band: Despite the current retracement in the upper boundary of the <a href="https://coingape.com/education/bollinger-band/">Bollinger band indicator</a>, indicates the recovery momentum is active.</li> 
 <li aria-level="1">Relative Strength Index: A lower high formation in the daily RSI slope reflects the weakening of buyers’ strength in the market.</li> 
</ul> 
The post <a href="https://coingape.com/markets/ethereum-price-prediction-rally-sets-a-15-jump/">Ethereum Price Prediction As Post-Correction Rally Sees 15% Jump Ahead</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Ethereum Price Prediction As Post-Correction Rally Sees 15% Jump Ahead

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