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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?
As the Ethereum market continues to oscillate wildly, investors are left questioning whether the recent crash signals a change in direction or merely a brief correction. At first glance, the past week’s performance would suggest a devastating loss of momentum, with the cryptocurrency plummeting by almost 20%. However, this drop is precisely what has kept the weekly market structure bullish.
Despite correcting sharply after witnessing a steady increase for over a month and a half, Ethereum has rebounded to its initial support level at $3,100. This unexpected resilience has instilled hope in the bulls that their efforts may not be in vain just yet. The price is currently hovering around $3,350, as it seeks to recover from last week’s downturn.
While the bears are trying to regain control, their commitment levels have been insufficient to reclaim dominance. It appears that Ethereum is preparing for a rebound or perhaps another run at its critical resistance level of $4,000, which has hindered progress in recent months and serves as the neckline of this macro-scale inverse head and shoulder pattern.
As we delve into the weekly timeframe, it becomes apparent that Ethereum is forming a strong bullish pattern. However, the right shoulder part of this pattern remains incomplete, requiring further price action to confirm its legitimacy. Should the cryptocurrency manage to break above the $4,000 mark, a massive breakout could ensue, potentially sending prices skyrocketing.
Although the daily chart may appear weak, Ethereum’s broader outlook still maintains a long-term bullish bias. A drop below last week’s low could provide an opportunity for buyers to acquire ETH at discounted rates before attempting another rebound or potential surge in the days ahead.
Key Levels of Interest:
* Resistance: $3,500, $3,830, $4,094
* Support: $3,255, $3,015, $2,810
Source: nulltx.com
