Ethereum

Rally

2024

Optimism

<img width="1200" height="578" src="https://coingape.com/wp-content/uploads/2023/12/CEGNfE8u-e1703871675689.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: For nearly a month, the Ethereum(ETH) has been <a href="https://coingape.com/markets/ethereum-price-exit-correction-with-6-jump-2600-reach/">trading sideways</a> resonating within two horizontal levels of $2400 and $2137. On December 28th, the daily chart showed a long-wick rejection candle at this overhead resistance reflecting the presence of high supply pressure. This selling pressure aligned with current market uncertainty hints at a possibility of potential correction as ETH may develop a double-top pattern. 
Also Read: <a href="https://coingape.com/vitalik-buterin-proposes-solutions-for-ethereum-pos-complexity/">Vitalik Buterin Proposes Solutions for Ethereum PoS Complexity</a> 
<h2 id="b-is-eth-price-heading-back-to-the-1850-mark-b">Is ETH Price Heading Back to the $1850 Mark?</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">A Double Top pattern puts ETH price at 20% downside risk</li> 
 <li style="font-weight: 400;" aria-level="1">A lower high formation in the daily RSI slope reflects weakening bullish momentum.</li> 
 <li style="font-weight: 400;" aria-level="1">The intraday trading volume in Ether is $12.3 Billion, indicating a 23% loss.</li> 
</ul> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/c/CEGNfE8u.png" alt="Ethereum Price Prediction" width="1946" height="937">
 <figcaption class="wp-caption-text">
 Ethereum Price Prediction| TradingView Chart
 </figcaption>
</figure> 
In the last three weeks, the <a href="https://coingape.com/price/ethereum/">Ethereum price</a> has shown two reversals from the $2400 resistance level, reflecting that the sellers are aggressively defending this level. A look at the daily time frame chart has shown this rejection as the formation of a bearish reversal pattern called ‘double top’. 
<blockquote>
 In the last 48 hours, the ETH price has plunged 3.55% currently trading at $2303. With sustained selling, the coin price will attempt a break below the ascending trendline which has acted as a dynamic support for the past two months.
</blockquote> 
This breakdown would accelerate the supple pressure and bolster sellers to challenge the neckline resistance of $2135. Should the Ethereum coin break below this level, the sellers may prolong the correction another 13.5% to hit the $1850 mark. 
<h2 id="strong-crypto-analyst-hints-a-rally-to-3593-strong">Crypto Analyst Hints A Rally to $3593</h2> 
While the current market correction and bearish pattern formation give a bearish outlook to the Ethereum price, the coin buyers can get an opportunity to counterattack at $2135. This neckline support aligned close with the 50-day EMA slope creates a strong demand area. 
In addition, a renowned crypto analyst <a href="https://x.com/JacobCanfield/status/1740168599036367164?s=20">JacobCanfield</a> added in his recent X-platform post that the ETH price has successfully retested this Weekly support($2124), suggesting it could act as a suitable launchpad to trigger a rally to $3583. 
Thus, if the coin price shows suitability or buyers accumulation at the $2135-$2124 region, the aforementioned bearish thesis will be invalidated. 
<ul> 
 <li aria-level="1">Relative Strength Index (RSI): A bearish divergence in the daily <a href="https://coingape.com/glossary/rsi-relative-strength-index/">RSI</a> slope increasing the possibility for a price correction.</li> 
 <li aria-level="1">Exponential Moving Average (EMA): The rising daily <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">EMAs</a>(20, 50, 100, and 200) hint the overall trend remains bullish.</li> 
</ul> 
<h3 id="strong-related-articles-strong">Related Articles:</h3> 
<ul> 
 <li><a href="https://coingape.com/analyst-predicts-22-surge-in-ethereum-eth-price-sparking-market-optimism/">Analyst Predicts 22% Surge In Ethereum (ETH) Price Sparking Market Optimism</a></li> 
 <li><a href="https://coingape.com/binance-announces-removal-of-btc-eth-ada-doge-shib-xrp-liquidity-pools/">Binance to Remove Key Liquidity Pools in January 2024</a></li> 
 <li><a href="https://coingape.com/ethereum-eth-price-jumps-9-above-2400-beginning-of-2024-bull-run/">Ethereum (ETH) Price Jumps 9% Above $2,400, Beginning of 2024 Bull Run?</a></li> 
</ul> 
The post <a href="https://coingape.com/markets/ethereum-price-prediction-as-pattern-threats-dive-2000/">Ethereum Price Prediction as New Bearish Pattern Threats a Dive Below $2000</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Ethereum Price Prediction as New Bearish Pattern Threats a Dive Below $2000

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