🚀 Ethereum Price Could Start 2024 With A Strong Increase If It Holds This Support

Ethereum's price is undergoing a correction, dipping below the critical $2,350 zone. Here's the latest analysis on ETH's performance:

📉 Current Situation: Correction Below Key Levels

Ethereum is currently correcting gains and is trading below the crucial $2,350 level.

The price is below $2,320 and the 100-hourly Simple Moving Average, indicating a short-term bearish trend.

A key bearish trend line is forming with resistance near $2,300 on the hourly chart of ETH/USD.

📈 Potential for a Rebound: Conditions for a Fresh Increase

ETH might initiate a fresh increase if it manages to close above the $2,350 level.

The immediate resistance lies at $2,300, along with the trend line, and near the 23.6% Fib retracement level.

Breaking above $2,350 could pave the way for further gains towards $2,400 and potentially $2,440.

📉 Downside Risks: What if Resistance Holds?

Failure to clear the $2,300 resistance may lead to further losses.

Initial support is around $2,250, followed by a crucial level at $2,240.A breakdown below $2,240 might trigger a more significant decline, testing the $2,200 support.

📊 Technical Indicators: Mixed Signals

Hourly MACD indicates a loss of momentum in the bearish zone.

Hourly RSI is now below the 50 level, suggesting a shift towards bearish sentiment.

💡 Key Takeaways: Ethereum's Path Ahead

Ethereum faces a critical juncture with potential for both bullish and bearish scenarios.

Traders are closely watching the $2,300 and $2,350 levels for signals of the next market direction.

A decisive move above $2,350 could set the stage for a strong start to 2024, while failure to break key resistances may usher in more downside pressure.

🚀 Stay Tuned for Real-time Updates on Ethereum's Journey into 2024!

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📉 Ethereum Slides Below $2,300: A Trend Reversal in Progress?

📉 Bearish Signals Dominate as Ethereum Faces Resistance

Despite Ethereum's journey toward the upper resistance beyond $2500, the bears staunchly resisted, holding the line just below $2400. Persistent attempts to breach the ascending trend line resulted in the formation of a discernible bearish pattern, signaling a challenge for the bulls amidst accumulating selling pressure.

🐻 Bearish Indicators Pave the Path: Will the Downtrend Persist?

Ethereum exhibits several reversal indications, pointing towards an impending bearish price action. Despite these bearish signals, the current trade scenario suggests a potential bullish monthly close, teasing a fresh yearly trade between $2300 and $2350. The delicate balance hints at a possible bullish reversal on the horizon.

📈 Analyzing Recent Trends and Potential Reversal:

Since October's shift from lower support, Ethereum's rally maintained an ascending trend, reaching highs around $2,446. However, it fell short of breaking above the critical trend line that could have propelled it toward $2,500. The ongoing price action, seen as a continuation of the prior bearish trend, hints at an imminent rebound.

📊 Technical Analysis Insights:

Notably, the DMI (Directional Movement Index) is turning bearish, with the ADX (Average Directional Index) experiencing a plunge, and other signal lines poised for a bearish crossover. This signals a potential for Ethereum's price to print a few more bearish candles, testing support at approximately $2,179, with prospects for a healthy rebound.

🔍 Looking Forward: Bullish Strength and Key Resistance Levels

While a rebound is anticipated, concerns linger about bullish strength. A significant upswing may only materialize if Ethereum successfully surpasses the formidable ascending trend line, a historical resistance level.

📊 Stay Tuned for Crypto Insights: Follow for Real-Time Updates on The Blockopedia!

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#ETH Trend Looks Strong, 1Day Candlesticks on UPTREND. Altcoin season and ERC20 Season.

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Why #Bitcoin pumped to almost 48k and Dumped ... yesterday ....

Here's a summary of the situation, which took place on Tuesday, January 9th, 2024:

The SEC's official X account (previously Twitter) was acclaimed to be hacked.

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This caused the price of Bitcoin to briefly surge to near $48,000.

SEC Chairman Gary Gensler quickly clarified that the tweet was fake and the account had been compromised.

The SEC confirmed they haven't approved any Bitcoin ETF applications.

Bitcoin's price then dropped back down following this clarification.

The whole situation looks uncertain .... Follow to stay informed ...

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🔴Ethereum developers express worry

regarding Vitalik's proposal to

raise the gas limit, citing potential issues.
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🚀Ethereum (ETH) Price Poised for 2-3x Gains As Per These On-Chain Indicators 📈💎

As Bitcoin breaks past $45,000 post Bitcoin ETF approval, altcoins join the celebration, with Ethereum (ETH) surging by 5% and inching closer to $2,400. Excitingly, on-chain indicators paint a bullish picture, indicating potential gains of 2-3x for Ethereum in the near future!

1. MVRV Data Predicts a Bullish Rally for Ethereum!

The MVRV data suggests that Ethereum's current price is undervalued, setting the stage for a rally towards $5,100 and beyond. 🚀 Renowned analyst Ali Martinez sees a promising path ahead for ETH, highlighting a lack of significant supply barriers. Predictions are buzzing with confidence, hinting at a possible rally to $10,000 by the year's end.

2. Key Price Targets Unveiled by Ethereum MVRV Pricing Bands!

In insights shared by Ali Martinez, Ethereum's MVRV Pricing Bands indicate crucial price targets at $3,830 and $5,100. This analysis provides valuable guidance for investors, offering insights into potential future price movements in the Ethereum market. 📊💡

📈 ETH Exchange Supply Drops Sharply: A Bullish Sign!

Adding to the optimism, Ethereum's supply on exchanges hits an all-time low, currently representing only 8.04% of the total ETH supply. 📉 This unprecedented drop suggests a potential reduction in selling pressure on ETH, acting as a bullish indicator for investors. The decreasing exchange supply aligns with the positive forecast for Ethereum's price trajectory.

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ETH🔹 analytics
Waiting for traffic
Globally: the previous forecast worked perfectly - the ether is moving very predictably sideways. What awaits us next?
I think that the asset will not surprise us with sharp movements, so we will repeat the movement we observed yesterday, namely: fluctuations in the interval of 2600-2500
📈📈📈
Locally: the asset is now in an upward movement, which will reach the resistance zone 2680, from where a small corrective movement will begin
Resistances: 2690, 2720, 2780.
Endorsements: 2460, 2440, 2400
$ETH
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📉 Solana Faces NFT Sales Decline, While Polygon Gains Traction

💸 Solana NFT Sales Decline by 17.17%
NFT sales on Solana experienced a noticeable drop of 17.17%, with the total sales volume reaching $4.5 million. This decline sharply contrasts with Polygon's impressive 84.94% increase in trading volume, reaching $9 million. The difference in performance between these two blockchain platforms indicates the dynamic nature of the NFT market.
🔄 Ethereum Maintains NFT Dominance
Despite fluctuations in trading volume, Ethereum retains its position in the NFT space. Ethereum's NFT sales volume amounted to $13.4 million, signifying a substantial growth of 29.65%. Such high performance confirms Ethereum's leadership in the NFT world.
💰 Bitcoin Remains Stable in NFT Transactions
Bitcoin, traditionally less closely associated with NFT transactions than Ethereum, surprisingly remained stable with a sales volume of $13,016,115, despite a 18.52% decrease. This suggests that Bitcoin should not be underestimated in the NFT market, although its role is somewhat less prominent than Ethereum's.
📊 NFT Volume Data for the Last 30 Days Reflects Dominance
Considering NFT volume data for the last 30 days, Bitcoin emerges as a dominant player with sales volume approaching an impressive $872.7 million. Ethereum also maintains a stable presence, with an active market totaling over $709.7 million, despite concerns about high trading volumes.
🚀 Solana and Polygon Demonstrate Significant Activity
Solana and Polygon demonstrate significant activity, with total sales volumes of approximately $334 million and $99.4 million, respectively. They continue to trade on major platforms such as Binance, WhiteBIT, and OKX. These figures underscore the evolving NFT environment across various blockchain platforms.

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