The price of Ethereum (ETH) has navigated an interesting journey from the beginning of December until today, showing significant movements in the cryptocurrency market.
Ethereum initially hovered around $2,000 at the beginning of the month and saw a notable rise to reach a high of $2,400 around December 10.
However, this increase was slowed by selling pressure, causing a consolidation phase between $2,200 and $2,100.
This consolidation not only affected Ethereum, but also had repercussions primarily on Bitcoin and the broader market, triggering a period of adjustment.
Currently, Ethereum is still in a correction phase, trading around $2,240, which has generated multiple areas of interest for investors.
A technical analysis shows that there is a prominent accumulation zone around $2,160, which could be an opportunity for those looking to enter the market.
Additionally, the $2000 level looms as another potential accumulation point in the event of a deeper correction.
When evaluating the RSI (Relative Strength Index) indicator, it is observed that it is currently at a medium level, pointing towards a bullish direction.
This indicator is crucial as it indicates whether the active is overbought or oversold in the market.
The key focus remains at $2,400 as it represents an attractive area for buyers looking for higher prices.
In the event of a breakout to the upside, this level could be a target for those interested in more bullish positions.
Recent Ethereum News Goes Unnoticed
Recently a significant event with the announcement by the United States SEC about the extension in the approval of exchange-traded funds (ETFs) linked to Ethereum until the middle of next year.
Upon the news, Ethereum, the second largest cryptocurrency by market capitalization, showed an impressive technical response.
Despite predictions of potential market shocks, ETH acted surprisingly resilient.
The cryptocurrency’s price did not suffer a significant drop, but instead showed a solid ability to maintain its support levels.
The positive market response to this announcement suggests widespread confidence in the underlying strength of ETH and its position as a strong technology platform within the cryptocurrency ecosystem.
Investors appear confident in Ethereum’s long-term viability, reflected in price stability at a time of potential technical crisis.
While regulatory events often trigger volatility in the cryptocurrency market, Ethereum’s ability to hold firm at its support levels shows remarkable maturity and resilience.
Technical charts courtesy of Trading View .
Disclaimer : The opinions expressed do not constitute investment advice. If you are looking to make a purchase or investment, we recommend that you always do your own research.
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