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ETHEREUM PRICE ANALYSIS & PREDICTION (December 31) – ETH Continues To Lose Momentum After Facing Rejection, Big Storm Around The Corner?
By Will Izuchukwu
Dec 31, 2024
Ethereum has continued to lose momentum after facing rejection and failing to sustain its bullish pace. The price has slipped and now appears weak on the daily timeframe.
Following a strong bull run this week, Ethereum’s price surged above the $2100 level in mid-month before skyrocketing to a new yearly high. However, it saw a swift rejection and failed to maintain its upward momentum. The price dropped quickly below the $2400 mark and has been trading sideways since then.
As a result, the crypto asset’s advance has stalled, with no major price movements observed since yesterday’s low of $2,278. This lack of volatility is concerning, as it raises concerns about Ethereum’s fundamental strength.
Despite this setback, ETH remains in an uptrend on the daily chart and still appears bullish from a long-term perspective. However, if buying volume fails to increase, we may see a correction before resuming its upward trajectory.
The critical levels to watch for are $2,300 and $2,403 resistance levels before Ethereum potentially breaks higher. If the price drops, support levels at $2257 and $2179 would be crucial to test. A breach below these levels would confirm a fresh breakdown.
Key levels to pay attention to include $2,116 and potentially $2,003.
Source: nulltx.com
