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ETHEREUM PRICE ANALYSIS & PREDICTION (December 31) – ETH Continues To Lose Momentum After Facing Rejection, Big Storm Around The Corner?
As of today’s date, Ethereum has been unable to maintain its upward momentum after a recent rejection. Despite a brief recovery above the $2100 mark earlier in the month, the crypto has since slipped and now appears weak on the daily timeframe.
The past week saw Ethereum advance bullishly and even broke out to a new yearly high. However, this newfound height was short-lived as the asset failed to sustain its bullish momentum. Following a swift recovery above the $2100 level mid-month, Ethereum’s price surged and successfully flipped the peak of $2403 to mark a fresh all-time high at precisely the $2,445 level just this week. The moment it reached that price level, it was met with rejection and promptly rolled back below the $2,400 mark with a bearish candle close on the daily chart.
The price then proceeded to drop to a weekly low of $2,257 before recovering to its current value around $2,281. As we can see on the daily chart, Ethereum appears indecisive, with no substantial price movements since yesterday’s dip to $2,278.
It is essential to note that Ethereum has entered a consolidation phase from a short-term perspective. While there is a possibility of further bullish growth if buying volume increases from a long-term perspective, if the price drops in the next few days and cracks below the current monthly low, we may witness a small correction before resuming its upward trajectory at full speed.
As it stands, the trend remains bullish on the daily chart.
Source: nulltx.com
