Ethereum

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 <p class="paragraph">Despite facing challenges in surpassing the psychological barrier of $2,500, Ethereum (ETH) might witness a similar outlook by the end of the year. This is suggested by <em>BlockchainCenter’s</em> Ethereum rainbow price chart, reflecting momentum in the broader cryptocurrency market.</p>
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 <p class="paragraph">In particular, specific cryptocurrency traders and investors leverage Ethereum’s rainbow chart to analyze the historical trends of the second-largest cryptocurrency by market capitalization. They examine its relationship with various moving averages (MAs) and identify patterns that can inform more informed investment decisions.</p>
 <p class="paragraph">The <a rel="noopener noreferrer nofollow" title="chart" href="https://thebittimes.com/tag/chart.html">chart</a> indicates that Ethereum is presently situated in the ‘Still Cheap’ phase, represented by the light green color. It fluctuates within the range of $1,597 to $2,306, residing below the ‘Hold’ yellow zone spanning $2,302 to $3,342, based on information observed by Finbold on December 27.</p>
 <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="551" src="https://cdn.thebittimes.com/images/2023/12/27/c3612c74c8aa6a0134c480064c6686a6.webp" alt="Ethereum rainbow price chart. Source: BlockchainCenter
" class="wp-image-145540" srcset="https://cdn.thebittimes.com/images/2023/12/27/c3612c74c8aa6a0134c480064c6686a6.webp 1024w, https://cdn.thebittimes.com/images/2023/12/27/c3612c74c8aa6a0134c480064c6686a6.webp 300w, https://cdn.thebittimes.com/images/2023/12/27/c3612c74c8aa6a0134c480064c6686a6.webp 768w, https://cdn.thebittimes.com/images/2023/12/27/c3612c74c8aa6a0134c480064c6686a6.webp 1283w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Ethereum rainbow price chart. Source: BlockchainCenter
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 </figure>
 <h2 class="wp-block-heading" id="h-projection-for-january-1-2024">Projection for January 1, 2024</h2>
 <p class="paragraph">As for the start of the following year, no significant fluctuations in <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> are expected, as Ethereum is treading the fine line between the ‘Still Cheap’ and ‘Hold’ territories, which both present a buying opportunity for investors.</p>
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 <p class="paragraph">However, an alternative Ethereum Rainbow Chart tool created by <em>CoinCodex</em> projects that, under identical circumstances, the asset <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> could linger at approximately $3,033 per token should ETH stay within the ‘HODL’ zone in January 2024.</p>
 <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="406" src="https://cdn.thebittimes.com/images/2023/12/27/744c709975cb7cc14781e83e0025eff5.webp" alt="Ethereum rainbow price chart. Source: CoinCodex.com" class="wp-image-145542" srcset="https://cdn.thebittimes.com/images/2023/12/27/744c709975cb7cc14781e83e0025eff5.webp 1024w, https://cdn.thebittimes.com/images/2023/12/27/744c709975cb7cc14781e83e0025eff5.webp 300w, https://cdn.thebittimes.com/images/2023/12/27/744c709975cb7cc14781e83e0025eff5.webp 768w, https://cdn.thebittimes.com/images/2023/12/27/744c709975cb7cc14781e83e0025eff5.webp 1322w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Ethereum rainbow price chart. Source: CoinCodex.com
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 </figure>
 <h2 class="wp-block-heading" id="ethereum-price-analysis">Ethereum price analysis</h2>
 <p class="paragraph">At the time of press, Ethereum is being traded at $2,247.29; this reflects a 0.40% increase for the day, coupled with an upside of 1.75% over the past week and a 9.83% gain on its monthly <a rel="noopener noreferrer nofollow" title="chart" href="https://thebittimes.com/tag/chart.html">chart</a>.</p>
 <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="683" src="https://cdn.thebittimes.com/images/2023/12/27/5cc59268e895bfd33dd19828053afa13.webp" alt="ETH 30-day price chart. Source: Finbold
" class="wp-image-145544" srcset="https://cdn.thebittimes.com/images/2023/12/27/5cc59268e895bfd33dd19828053afa13.webp 1024w, https://cdn.thebittimes.com/images/2023/12/27/5cc59268e895bfd33dd19828053afa13.webp 300w, https://cdn.thebittimes.com/images/2023/12/27/5cc59268e895bfd33dd19828053afa13.webp 768w, https://cdn.thebittimes.com/images/2023/12/27/5cc59268e895bfd33dd19828053afa13.webp 1200w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   ETH 30-day price chart. Source: Finbold
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 </figure>
 <p class="paragraph">Concurrently, technical indicators for Ethereum, sourced from <em>TradingView</em>, reflect bullish sentiments. A summary of the indicators indicates a ‘buy’ rating at 11, with moving averages signaling a ‘buy’ at 9. Oscillators tend toward a ‘neutral’ rating of 8.</p>
 <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="251" src="https://cdn.thebittimes.com/images/2023/12/27/7a09d4274d1474feb78f289bf24a7ba1.webp" alt="Ethereum technical analysis. Source: TradingView
" class="wp-image-145545" srcset="https://cdn.thebittimes.com/images/2023/12/27/7a09d4274d1474feb78f289bf24a7ba1.webp 1024w, https://cdn.thebittimes.com/images/2023/12/27/7a09d4274d1474feb78f289bf24a7ba1.webp 300w, https://cdn.thebittimes.com/images/2023/12/27/7a09d4274d1474feb78f289bf24a7ba1.webp 768w, https://cdn.thebittimes.com/images/2023/12/27/7a09d4274d1474feb78f289bf24a7ba1.webp 1479w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Ethereum technical analysis. Source: TradingView
  </figcaption>
 </figure>
 <p class="paragraph">The trajectory of ETH within either of the two rainbow <a rel="noopener noreferrer nofollow" title="chart" href="https://thebittimes.com/tag/chart.html">chart</a> patterns will hinge on ongoing developments within the Ethereum network, coupled with the overall sentiment in the broader cryptocurrency and macroeconomic context.</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-rainbow-chart-predicts-eth-price-for-jan-1-2024-tbt74867.html">https://thebittimes.com/ethereum-rainbow-chart-predicts-eth-price-for-jan-1-2024-tbt74867.html</a></p>

Ethereum Rainbow chart predicts ETH price for Jan 1, 2024

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