{"id":159365,"date":"2023-12-27T13:58:16","date_gmt":"2023-12-27T13:58:16","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=159365"},"modified":"2023-12-27T13:58:20","modified_gmt":"2023-12-27T13:58:20","slug":"ethereum-eth-obstacles-and-opportunities-price-analysis","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/ethereum-eth-obstacles-and-opportunities-price-analysis\/","title":{"rendered":"Ethereum (ETH) Obstacles and Opportunities: Price Analysis"},"content":{"rendered":"

The price of <\/span><\/span>Ethereum (ETH) <\/span><\/span><\/a> has experienced significant movements in these last weeks of the year 2023.<\/span><\/span><\/strong><\/p>\n

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Initially, <\/span><\/span>Ethereum saw a rise from $1,800,<\/span><\/span><\/strong> forming a solid bullish channel, according to our technical analysis<\/a> of the asset.<\/span><\/span><\/p>\n

\"Ethereum<\/p>\n

However, on December 11, <\/span><\/span>there was an abrupt drop with strong sales around $2,400 to $2,300<\/span><\/span><\/strong>, breaking down the aforementioned channel.<\/span><\/span><\/p>\n

This decline <\/span><\/span>brought the price around $2,100<\/span><\/span><\/strong>, momentarily losing trendline support.<\/span><\/span><\/p>\n

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The current price of Ethereum <\/span><\/span>stands at $2,290<\/span><\/span><\/strong>, showing an increase of <\/span><\/span>1.62% in the last day,<\/span><\/span><\/strong> according to official data from <\/span><\/span>CoinMarketCap<\/span><\/span><\/a>.<\/span><\/span><\/p>\n

Looking at the bigger picture, the cryptocurrency has seen <\/span><\/span>an increase of 2.94% in the last week<\/span><\/span><\/strong>, indicating a short-term bullish trend.<\/span><\/span><\/p>\n

However, more notable growth is recorded over the course of the last month, <\/span><\/span>with a staggering 13.06% increase<\/span><\/span><\/strong>.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

Ethereum is currently <\/span><\/span>trying to reclaim this bullish channel,<\/span><\/span><\/strong> but is facing considerable resistance from sellers, <\/span><\/span>who are trying to establish a bearish channel.<\/span><\/span><\/strong><\/p>\n

However, it is essential to consider <\/span><\/span>the news about the extension by the United States government in the approval of exchange-traded funds for ETH,<\/span><\/span><\/strong> as this news has generated some decrease in enthusiasm around the asset.<\/span><\/span><\/p>\n

The correlation between Ethereum and Bitcoin continues to be a determining factor<\/span><\/span><\/h2>\n

Ethereum’s dependence on Bitcoin’s behavior is evident, and <\/span><\/span>any significant movement in Bitcoin’s<\/a> price is likely to have repercussions on Ethereum<\/span><\/span><\/strong>.<\/span><\/span><\/p>\n

Despite the current challenges, analysts suggest that if Ethereum manages to overcome key technical resistances, <\/span><\/span>there is the potential for a rally towards $2.4K and possibly higher levels in the near term.<\/span><\/span><\/strong><\/p>\n

Despite the short-term fluctuations, <\/span><\/span>many analysts maintain a bullish<\/span><\/span><\/strong> long-term outlook for Ethereum.<\/span><\/span><\/p>\n

Technological innovation, the growing adoption of decentralized applications (dApps), and planned network upgrades such as Ethereum 2.0 <\/span><\/span>continue to be critical catalysts that could support a sustained increase in Ethereum’s value<\/span><\/span><\/strong> in the coming months and years.<\/span><\/span><\/p>\n

Investors should maintain a balanced view and consider the risks associated<\/strong> with the current market situation.<\/p>\n

Bearish technical signals such as the head and shoulders pattern on the daily chart, along with the bearish divergence on the RSI indicator,<\/strong> suggest the possibility of a downward correction.<\/p>\n

Therefore, establishing risk management strategies and being cautious about possible market movements<\/strong> is essential for those looking to invest in Ethereum in the short term.<\/p>\n

Technical charts courtesy of Trading View<\/a>.<\/strong><\/p>\n

Disclaimer: <\/em>The opinions expressed do not constitute investment advice.\u00a0If you are looking to make a purchase or investment, we recommend that you always do your own research.<\/em><\/strong><\/p>\n

If you found this article interesting, here you can find more News about Ethereum<\/a>.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

The price of Ethereum (ETH) has experienced significant movements in these last weeks of the year 2023.<\/p>\n","protected":false},"author":33,"featured_media":159374,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[87,74],"tags":[4679,4930],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/159365"}],"collection":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=159365"}],"version-history":[{"count":6,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/159365\/revisions"}],"predecessor-version":[{"id":159377,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/159365\/revisions\/159377"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/159374"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=159365"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=159365"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=159365"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}