Ethereum (ETH), the leading altcoin, has been attracting attention from investors and tech enthusiasts alike in recent years. Despite this interest, ETH’s performance throughout 2023 has been lackluster compared to Bitcoin (BTC) and other altcoins. However, a recent surge of over 6% has given investors renewed hope. This article examines Ethereum’s price performance and offers perspectives on its future.
At the time of writing, Ethereum has seen a 6.52% increase in the last 24 hours, trading at $2,352. This price level suggests that ETH is at a critical resistance level, teetering on a make-or-break threshold.
The daily chart of ETH shows that the price has been moving between two converging trend lines for a long time, with the $2,358 level emerging as a strong and significant resistance point.
Attempts to break through this threshold from December 7 to December 11 resulted in a failure by the bulls to initiate a breakout, leading to bears taking control and driving the price down to $2,177.
If ETH fails to surpass this threshold again, a similar decline could occur, potentially bringing the price down to $2,177. If it cannot hold above this level, subsequent support levels are expected at $2,027 and $1,933. Further declines could find support at $1,733 and $1,539.
Conversely, if Ethereum manages to break above the $2,358 mark, it could signal a strong upward momentum. In such a scenario, an initial rise to $2,638 could be anticipated. Surpassing the $2,638 threshold could set the next target at $2,940, with the $2,358 level being pivotal for a medium-term rise to as high as $4,112.