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ETHEREUM PRICE ANALYSIS & PREDICTION (December 24) – ETH’s Correction Still Intact After Producing A Huge Discount In A Week, Where Next?
Ethereum’s recent crash has triggered some panic on the intraday trading, though its weekly market structure remains bullish. There is still hope for the bulls despite correcting by almost 20% in a week.
Following the past week’s drops, which came after witnessing a steady increase for a month and a half, Ethereum saw a notable reduction last week and reset back to the $3,100 level, where it initiated a major surge in November. Surprisingly, that level provided support and the price recovered briefly to a current trading level of $3,340. The bulls are trying to push back but their commitments are not strong enough to bring them back in control.
Looking at the price actions from where it initiated a major correction in March, Ethereum appeared to be forming a strong bullish (inverse head and shoulder) pattern on the weekly timeframe. Although the right shoulder pattern is yet to form. A complete formation of this pattern should trigger a massive explosion as soon as the price breaks out of the crucial $4,000 region – a barrier for the bulls in the past months – considered as the neckline of the pattern from a macro scale.
Currently, trading might look weak on the daily but Ethereum’s broader outlook remains bullish from a long-term perspective. A drop below last week’s low could provide more discount for the bulls before bouncing back stronger on a daily scale.
ETH’s Key Level To Watch
Source: Tradingview
Starting the first day of the week a bit strong, Ethereum is now facing the $3,500 level that broke down last week. A daily close above it could allow more recovery to $3,700 and $3,830 before breaking out of the key $4,094 resistance.
Aside from $3,255 and the holding $3,100 support, the $3,000 level is the main support to watch for more breakdowns along with the $2,810 level.
Key Resistance Levels: $3,500, $3,830, $4,094
Key Support Levels: $3,255, $3,015, $2,810
Spot Price: $3,340
Source: nulltx.com
