The post ETH Stopped at $2.4K as Bears Push for a Correction (Ethereum Price Analysis) appeared on BitcoinEthereumNews.com.

Ethereum’s price is encountering significant resistance around the pivotal $2.4K region, highlighting an ongoing struggle between buyers and sellers. Despite efforts, the price has been unable to surpass its previous swing high of $2403, leading to a slight pullback and the potential formation of a double-top pattern. By Shayan The Daily Chart After a period of sideways consolidation near the crucial $2.3K mark, the price surged with the aim of reclaiming its previous daily swing high at $2403. This upward movement is underscored by the occurrence of a golden cross on the daily chart, indicating an overall bullish sentiment for Ethereum’s price action. However, the price faced resistance upon reaching a critical zone formed by the upper boundary of a multi-month wedge, coinciding with the previous daily swing at $2403, thereby forming a potential double-top pattern. Despite these challenges, the emergence of a potential head and shoulders pattern, a widely recognized bearish reversal formation, is notable. If the price breaks below the neckline of both the head and shoulders pattern and the double-top pattern, it could signal a short-term downward movement. This retracement might lead the price back to the substantial support range at $2K. Source: TradingView The 4-Hour Chart A more detailed analysis of the 4-hour chart reveals increased demand within the critical range between the 0.5 ($2,211) and 0.618 ($2,166) levels of the Fibonacci retracement indicator. This demand led to an impulsive price spike attempting to breach the $2.4K daily swing high. However, Ethereum faced a slight rejection, resulting in a retracement toward the static support level at $2.3K. Despite this retracement, Ethereum’s price appears to be confined within a crucial range, encompassing the significant $2.4K resistance region and the substantial static support range characterized by the 0.5 ($2,211) and 0.618 ($2,166) Fibonacci retracement levels, along with the…

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Filed under: News - @ December 29, 2023 10:20 pm