Decentralized Crypto Market Insights: Ethereum Price Analysis & Prediction for 2024-12-31
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ETHEREUM PRICE ANALYSIS & PREDICTION (December 31) – ETH Continues To Lose Momentum After Facing Rejection, Big Storm Around The Corner?
0 By Will Izuchukwu on December 31, 2024
Market Analysis
Ethereum’s recent price surge, which saw it break out to a new yearly high, has unfortunately come to an end. Following the rejection of its previous highs and failure to sustain bullish momentum, ETH’s price is now displaying weakness on the daily timeframe.
In this article, we will analyze Ethereum’s recent price action and provide our prediction for the future direction of the market.
Ethereum advanced bullishly earlier in the week, breaking out to a new yearly high. This was accompanied by a quick recovery above the $2100 level in mid-month, followed by an increase that saw it flip the peak of $2403 and mark a new high at precisely the $2,445 level this week. Immediately following its testing of this price level, Ethereum’s price saw rejection and rapidly fell back below the $2,400 mark with a bearish candle close on the daily chart.
The price further dropped to a weekly low of $2,257 before recovering to its current trading position around $2,281. The drastic decrease in volume over the past few days has led to minimal volatility in recent hours. As seen on the daily chart, ETH appears indecisive with no significant price movements since the price fell to $2,278 yesterday.
Despite the fact that Ethereum has entered a consolidation phase from a short-term perspective, there is hope for further bullish momentum if buying volume increases from a long-term perspective. However, should the price decline in the next few days and crack below the current monthly low, we might see a small price correction before resuming its bullish trend at full speed.
As of now, the trend remains bullish on the daily chart.
ETH’s Key Level To Watch
A push from the current trading level could send the price back to the $2,300 and $2,403 resistance levels prior to breaking higher. If the price dips, the immediate support level to monitor would be $2257, followed by $2179. A drop below this level would confirm a fresh breakdown. The levels to pay attention to are $2,116 and perhaps $2,003.
Key Resistance Levels: $2,330, $2,403, $2,445
Key Support Levels: $2,257, $2,179, $2,116
Source: nulltx.com
