{"id":215643,"date":"2023-12-19T20:10:57","date_gmt":"2023-12-19T14:40:57","guid":{"rendered":"https:\/\/dripp.zone\/news\/ethereum-price-poised-for-blastoff-10-breakout-in-sight-but-eth-uptrend-faces-a-crucial-test-crypto-news\/"},"modified":"2023-12-19T20:11:02","modified_gmt":"2023-12-19T14:41:02","slug":"ethereum-price-poised-for-blastoff-10-breakout-in-sight-but-eth-uptrend-faces-a-crucial-test-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/ethereum-price-poised-for-blastoff-10-breakout-in-sight-but-eth-uptrend-faces-a-crucial-test-crypto-news\/","title":{"rendered":"Ethereum Price Poised for Blastoff? 10% Breakout in Sight, But ETH Uptrend Faces a Crucial Test – Crypto News"},"content":{"rendered":"

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\nEthereum price nurturing potential 10% falling wedge pattern breakout, but the sustainability of the uptrend remains suspect.\t\t\t\t<\/p>\n

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Published 9 mins ago <\/p>\n

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Traders backed widespread recoveries across the market after many cryptocurrencies had snapped out of their uptrends on Friday. The cooldown continued during the weekend, with\u00a0Ethereum price<\/span><\/a>\u00a0sweeping through lower support areas at $2,115.<\/p>\n

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Meanwhile, growing optimism ahead of the likely approval of spot Bitcoin exchange-traded funds (ETFs) by the Securities and Exchange Commission (SEC) in January is keeping the crypto market not only buoyant but also bullish.<\/p>\n

The largest smart contracts token, ETH regained momentum on Monday and was trading 4% higher on Tuesday at $2,230. Bitcoin price is equally strong, up 4.3% to $42,940 while Binance Coin (BNB), the token native to the largest crypto exchange traded 6.6% higher at $250.<\/p>\n

Read also:<\/b>\u00a0Crypto Price Prediction For December 19: WOO, ICP, ADA<\/span><\/a><\/span><\/p>\n

Ethereum Price Prediction: ETH Flaunts Potential Wedge Breakout<\/h2>\n

The rejection from the new 2023 high at $2,400 has seen Ethereum consolidate, creating a series of lower highs and lower lows. In other words, the token has printed a falling wedge pattern on the four-hour chart, awaiting confirmation before breaking out.<\/p>\n

The falling wedge, in this case, is a continuation pattern, which bulls can tap to resume the uptrend targeting highs above $3,000. However, its formation alone is not enough, which means Ether price must rise above the upper falling trendline to validate the breakout.<\/p>\n

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If the immediate support at $2,230, provided by the 50 Exponential Moving Average (EMA) (in red) is respected, Ethereum price would have a higher probability of breaking past the wedge pattern and rising 10% to $2,500.<\/p>\n

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