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- 1 Ethereum price prediction suggests that the consolidation in ETH may continue for some more time.
- 2 ETH price fell 6.18% in the last trading session and hit a swing low at $2100.
- 3 The 50-day EMA support is still intact.
Ethereum price prediction suggests that it might trade inside a wide range between $2100 and $2400 in January 2024. It lost the bullish momentum and the price faced sharp rejection from the higher range.
The sellers are getting active and showing their presence on the higher levels. ETH price fell 6.18% in the last trading session and showed initial signs of bearish trend reversal.
However, the 50-day EMA acts as a support and buyers succeed in keeping the trend in an upward direction. If the ETH crypto declines further and closes below $2100, it may raise concerns for long-term investors.
In the last four weeks, buyers and sellers both tried multiple times to break their opponent’s boundaries. The attempt failed and the price continued to trade in the range. The next direction will be visible when bulls or bears are able to break either side of the range.
Currently, Ethereum price is trading at $2231.96 with an intraday uptick of 1.01%. In the last 24 hours, the volume-to-market cap ratio is 0.0728, which denotes that liquidity is quite high.
Ethereum Price Lost the Bullish Momentum; What’s Next?
Ethereum price is taking support near the $2100 level but buyers look reluctant to build fresh longs. The chart pattern is mildly bearish and seems like sellers are waiting to build short on a minor bounce.
At present, the price is struggling to sustain above the 50-day EMA, indicating that the support level is at risk. By analyzing the price behavior of ETH crypto it can be said that a 5% to $10% more decline may be visible.
After consolidating for some time, bears may win the battle and downside range expansion may occur.
What If the ETH Price Drops Below $2000?
ETH price is inside the bear’s grip and sellers look more aggressive on the daily time frame chart. The sudden fall in 2nd dominant cryptocurrency tells us that a short-term top has been created and correction has begun.
On the lower side, $2100 and $2000 are crucial support, if this gets broken then a sharp sell-off in the crypto market may be visible.
Conclusion
Ethereum price prediction is the consolidation in the current month. However, the sellers are strengthening their grip. So, the probability of downside range expansion remains high. The analysis suggests ETH price has made a short-term top and more decline is pending.
Technical levels
- Resistance levels: $2449.42 and $2601.68
- Support levels: $2100.49 and $1928.84
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
