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Ethereum Technical Analysis Report | 31st December 2024
As the year comes to a close, the Ethereum market is currently experiencing a period of consolidation within a wide range of $2,850 to $4,094. This stagnation in the market is a result of the asset’s inability to break through the resistance at $4,000.
The price of ETH has been attempting to initiate a recovery from the uptrend line, but it seems unlikely that the bulls will be able to push past the 20-day Exponential Moving Average (EMA) at $3,494. This level serves as significant resistance for Ethereum and is likely to stall any potential upward momentum.
On a more positive note, the recent news surrounding the upcoming Pectra upgrade has been met with optimism from developers. The upgrade aims to resolve long-standing issues such as high gas fees and the reliance on specialized wallets. Features like FaceID transaction approvals and seamless navigation through certain on-chain apps without requiring transaction signatures have the potential to usher in a new era of user-friendly blockchain experiences.
At the time of writing, ETH is trading at $3,342.5.
Following a failed attempt to break above the $4,000 mark, Ethereum dropped sharply by nearly 24.5%, reaching as low as $3,101. This move has resulted in the asset now consolidating between the levels of $3,200 and $3,500 with extremely low trading volumes.
Source: zebpay.com
