Ethereum

Celsius

Spot

<img width="1200" height="578" src="https://coingape.com/wp-content/uploads/2024/01/hPZGTeeW-e1706120086324.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: Amid a widespread market pullback, Ethereum’s native token, <a href="https://coingape.com/markets/what-could-this-correction-mean-for-ethereum-price-in-q1-2024/">ETH</a>, experienced a sharp decline from its $2700 peak. Over two weeks, this altcoin saw a 17.7% drop in its value, now trading at $2233. Examination of the daily chart reveals that the coin is having difficulty maintaining its position above the support trendline of a long-coming channel pattern. 
Despite the prevailing market uncertainty, the ongoing progress towards the Dencun upgrade and the potential introduction of a <a href="https://coingape.com/divergent-views-on-ethereum-etf-approval-eth-price/">spot Ethereum ETF</a> are anticipated to reinforce the fundamental strength of the network, potentially sparking natural growth. 
<h2 id="b-ethereum-price-prediction-why-eth-is-at-risk-of-14-loss-b">Ethereum Price Prediction: Why $ETH Is At Risk of 14% Loss?</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">The Dencun upgrade marks a pivotal advancement in tackling the scalability and efficiency hurdles of Ethereum, laying the groundwork for a stronger and more efficient blockchain infrastructure.&nbsp;</li> 
 <li style="font-weight: 400;" aria-level="1">The Ethereum price currently trades at $2240, with an insignificant change of 0.09% loss.</li> 
 <li style="font-weight: 400;" aria-level="1">The intraday trading volume in Ether is $10.9 Billion, indicating a 34% loss.</li> 
</ul> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/h/hPZGTeeW.png" alt="Ethereum Price Prediction" width="1946" height="937">
 <figcaption class="wp-caption-text">
 Ethereum Price Prediction| TradingView Chart
 </figcaption>
</figure> 
In the last seven weeks, the <a href="https://coingape.com/price/ethereum/">Ethereum price</a> has shown consistent growth, influenced by an expanding channel pattern. This pattern is characterized by two diverging trendlines that act as dynamic support and resistance levels for market players. 
During the recent downturn, the price of ETH fell to the lower trendline, seeking a stable support point for an upcoming rebound. If the pattern’s history is any indication, a potential reversal from this lower trendline could initiate a new recovery phase, potentially driving the Ether coin to surpass the $2700 mark. 
Conversely, should the market’s selling pressure continue, there’s a risk that the <a href="https://coingape.com/ethereum-etfs-hester-pierce-claims-sec-wont-repeat-same-mistakes/">Ethereum</a> price might break below this crucial support line. Such a move could amplify bearish sentiments, possibly leading to a decline towards the $1918 level. 
<h2 id="b-is-ethereum-price-ready-for-recovery-b">Is Ethereum Price Ready For Recovery?</h2> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 Tricky waters for <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw">#Ethereum</a>, which is facing a rejection at 0.06 BTC. 
 Preferably a higher low needs to be established, through which, in 2-3 weeks time, the Dencun upgrade + Spot ETF hype needs to get started. <a href="https://t.co/BnLf6SxsSS">pic.twitter.com/BnLf6SxsSS</a> 
 — Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1750180909397983478?ref_src=twsrc%5Etfw">January 24, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
As per a recent analysis by renowned trader Michaël van de Poppe. Ethereum finds itself at a crucial juncture, currently facing resistance at the pivotal 0.06 BTC level. The path forward demands the formation of a stronger base, ideally leading to a higher low in the upcoming weeks.&nbsp; 
This period is particularly significant as we edge closer to the much-anticipated <a href="https://coingape.com/ethereum-dencun-upgrade-here-are-2-crucial-dates-to-watch/">Dencun upgrade</a> and the growing excitement around potential Spot ETFs. These updated developing fundamental growth in Ethereum should bolster a natural and sustainable recovery in the market value.&nbsp; 
<ul> 
 <li style="font-weight: 400;" aria-level="1">Exponential Moving Average (EMA): The falling price may find suitable support from the 100-and-200-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">EMA</a>.</li> 
 <li style="font-weight: 400;" aria-level="1">Average Directional Index: The ADX slope uptick at 19% the sellers have sufficient momentum to lead further correction.</li> 
</ul> 
<h3 id="related-articles">Related Articles:</h3> 
<ul> 
 <li><a href="https://coingape.com/celsius-shifts-40-mln-ethereum-to-coinbase-amid-eth-price-dip-to-2200/">Celsius Shifts $40 Mln Ethereum To Coinbase Amid ETH Price Dip To $2,200</a></li> 
 <li><a href="https://coingape.com/markets/3-top-altcoin-to-buy-today-24-jan-doge-sol-manta/">3 Top Altcoin To Buy Today 24 Jan: DOGE, SOL, MANTA</a></li> 
 <li><a href="https://coingape.com/markets/crypto-price-prediction-today-january-24-sol-stx-doge/?utm_source=priceanalysisbar">Crypto Price Prediction For January 24: SOL, STX, DOGE</a></li> 
</ul> 
The post <a href="https://coingape.com/markets/ethereum-price-prediction-as-sellers-breaks-support-to-1900/">Ethereum Price Prediction As Sellers Breaks Multi-Week Support to Target $1900</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Ethereum Price Prediction As Sellers Breaks Multi-Week Support to Target $1900

Table of Contents

Coingape News Media

Other articles published on Jan 24, 2024

REV3AL Announces Liquidity Locker Service Launch and Trust Wallet Listing Amidst Record Token Growth

Canada’s Crypto Donation Freeze During Protests Deemed Unlawful by Court

annual update - aarnâ’s 2023

FTX Offloaded Nearly $1 Billion Worth of Grayscale’s Bitcoin ETF, Clarifying a Significant Portio...

Solana Leads in Active Wallets; Polkadot and Borroe Finance Gain Investor Traction

When Will the SEC Approve Ethereum ETFs, What Are the Possible Dates? When Will the Expected Rise...

Join our free newsletter for daily crypto updates!