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Ethereum Technical Analysis Report | 31st December 2024
As the year comes to a close, it’s essential for investors and traders to gain insights into the current market dynamics. In this report, we’ll delve into the technical analysis of Ethereum (ETH) as of December 31, 2024.
Market Performance
As of today’s date, ETH is trading at $3,342.5. The asset has been consolidating within a wide range of $2,850 to $4,094 for several days, indicating a phase of consolidation. This movement is critical in understanding the future trajectory of the market.
Consolidation and Resistance
Ethereum’s price action has been characterized by strong resistance above the $4,000 mark. The asset reached a high of $4,107 but failed to close above this level on a daily basis, leading to a sharp correction. Prices dropped by nearly 24.5%, reaching $3,101. Following this move, ETH has been consolidating between $3,200 and $3,500 with low trading volumes.
In the current market situation, it’s essential to recognize that there are strong levels of resistance at $3,500 and support at $3,000.
Impending Pectra Upgrade
The Ethereum community is abuzz with excitement regarding the upcoming Pectra upgrade. This monumental change aims to address long-standing issues with on-chain applications by eliminating obstacles such as high gas fees and reliance on specialized wallets. Key features include FaceID transaction approvals and seamless navigation through certain on-chain apps without requiring transaction signatures.
This update has the potential to usher in a new era of user-friendly blockchain experiences, paving the way for mainstream adoption.
In conclusion, this report highlights the importance of understanding Ethereum’s market dynamics, including its consolidation phase and significant resistance levels. The Pectra upgrade is a crucial event that could significantly impact the market’s trajectory.
Source: zebpay.com
