Ethereum Price Prediction: ETH Faces Risk of 14% Loss
The Dencun upgrade improves Ethereum’s scalability and efficiency, strengthening the blockchain infrastructure. Currently, Ethereum is trading at $2240 with a minimal loss of 0.09%. The intraday trading volume in Ether indicates a 34% loss at $10.9 billion.
Over the past seven weeks, Ethereum has experienced consistent growth due to an expanding channel pattern. The lower trendline serves as a support level for a potential rebound. Reversing from this trendline could drive the price above $2700. However, if selling pressure persists, Ethereum may break below this support line and decline towards $1918.
Is Ethereum Price Ready For Recovery?
Tricky waters for Ethereum, which is facing a rejection at 0.06 BTC.
Preferably a higher low needs to be established, through which, in 2-3 weeks time, the Dencun upgrade + Spot ETF hype needs to get started. pic.twitter.com/BnLf6SxsSS
— Michaël van de Poppe (@CryptoMichNL) January 24, 2024
According to trader Michaël van de Poppe, Ethereum is currently facing resistance at the 0.06 BTC level and needs to establish a stronger base for a higher low in the coming weeks. The upcoming Dencun upgrade and potential Spot ETFs are expected to drive a sustainable recovery in Ethereum’s market value.
- Exponential Moving Average (EMA): The falling price may find support from the 100-and-200-day EMA.
- Average Directional Index: The sellers have sufficient momentum for further correction as indicated by the ADX slope uptick at 19%.
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Hot Take: Ethereum Faces Uncertain Future Amidst Market Pullback
Ethereum’s native token, ETH, has experienced a significant decline in value during the recent market pullback. Despite ongoing progress towards the Dencun upgrade and the potential introduction of a spot Ethereum ETF, ETH struggles to maintain its position above a crucial support trendline. While there is potential for a rebound from this trendline, there is also a risk of further decline if selling pressure continues. Traders and investors should closely monitor Ethereum’s price movements and the upcoming developments in the cryptocurrency market to make informed decisions.
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