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Ethereum Price Made a Short-Term Top; Is the Correction Began?

2 Mins read

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 Made a Short-Term Top; Is the Correction Began?
Source: ETH/USDT daily chart by Tradingview

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

Source

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About author
Harry is a crypto enthusiast and experienced trader with a track record of success. With a deep understanding of blockchain technology, he has analyzed market trends and identified profitable opportunities, resulting in impressive returns. Harry 's expertise lies in developing effective trading strategies that leverage the potential of cryptocurrencies. Through his articles, guides, and educational resources, he shares his insights and knowledge, helping individuals make informed trading decisions. With a keen eye for market patterns, Harry has navigated the volatile crypto landscape with confidence. Stay tuned for valuable perspectives and expert advice from Harry as he contributes to the Ailtra platform.
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