{"id":220940,"date":"2023-12-29T23:25:27","date_gmt":"2023-12-29T17:55:27","guid":{"rendered":"https:\/\/dripp.zone\/news\/ethereum-price-prediction-as-new-bearish-pattern-threats-a-dive-below-2000-crypto-news\/"},"modified":"2023-12-29T23:25:30","modified_gmt":"2023-12-29T17:55:30","slug":"ethereum-price-prediction-as-new-bearish-pattern-threats-a-dive-below-2000-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/ethereum-price-prediction-as-new-bearish-pattern-threats-a-dive-below-2000-crypto-news\/","title":{"rendered":"Ethereum Price Prediction as New Bearish Pattern Threats a Dive Below $2000 &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div id=\"post-171652\">\n<p>\nEthereum Price Prediction: A double top formation in the daily chart hints the ETH price is at risk of a prolonged correction\u00a0\t\t\t\t<\/p>\n<p><!--\n     \n\n<div class=\"marketThumbs\">\n             <noscript><img width=\"1200\" height=\"578\" src=\"https:\/\/coingape.com\/wp-content\/uploads\/2023\/12\/CEGNfE8u-e1703871675689.png\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"ETH Price\" decoding=\"async\" fetchpriority=\"high\" \/><\/noscript><\/div>\n\n\n--><\/p>\n<p class=\"MarketsUp f-14 d-block\">  Published 11 mins ago <\/p>\n<div class=\"Atcs\">\n<p><span style=\"font-weight: 400;\">Ethereum Price Prediction: For nearly a month, the Ethereum(ETH) has been <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/markets\/ethereum-price-exit-correction-with-6-jump-2600-reach\/\">trading sideways<\/a> resonating within two horizontal levels of $2400 and $2137. On December 28th, the daily chart showed a long-wick rejection candle at this overhead resistance reflecting the presence of high supply pressure. This selling pressure aligned with current market uncertainty hints at a possibility of potential correction as ETH may develop a double-top pattern.<\/span><\/p>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.72.1 --><\/p>\n<p>Also Read: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/vitalik-buterin-proposes-solutions-for-ethereum-pos-complexity\/\">Vitalik Buterin Proposes Solutions for Ethereum PoS Complexity<\/a><\/p>\n<h2><b>Is ETH Price Heading Back to the $1850 Mark?<\/b><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A Double Top pattern puts ETH price at 20% downside risk<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A lower high formation in the daily RSI slope reflects weakening bullish momentum.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The intraday trading volume in Ether is $12.3 Billion, indicating a 23% loss.<\/span><\/li>\n<\/ul>\n<figure style=\"width: 1946px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" src=\"data:image\/svg+xml,%3Csvg%20xmlns=\" http:=\"\" alt=\"Ethereum Price Prediction\" width=\"1946\" height=\"937\" data-lazy-src=\"https:\/\/s3.tradingview.com\/snapshots\/c\/CEGNfE8u.png\"\/><noscript><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/s3.tradingview.com\/snapshots\/c\/CEGNfE8u.png\" alt=\"Ethereum Price Prediction\" width=\"1946\" height=\"937\"\/><\/noscript><figcaption class=\"wp-caption-text\">Ethereum Price Prediction| TradingView Chart<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">In the last three weeks, the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/price\/ethereum\/\">Ethereum price<\/a> has shown two reversals from the $2400 resistance level, reflecting that the sellers are aggressively defending this level. A look at the daily time frame chart has shown this rejection as the formation of a bearish reversal pattern called \u2018double top\u2019.<\/span><\/p>\n<blockquote>\n<p><span style=\"font-weight: 400;\">In the last 48 hours, the ETH price has plunged 3.55% currently trading at $2303. With sustained selling, the coin price will attempt a break below the ascending trendline which has acted as a dynamic support for the past two months.<\/span><\/p>\n<\/blockquote>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.72.1 --><\/p>\n<p><span style=\"font-weight: 400;\">This breakdown would accelerate the supple pressure and bolster sellers to challenge the neckline resistance of $2135. Should the Ethereum coin break below this level, the sellers may prolong the correction another 13.5% to hit the $1850 mark.<\/span><\/p>\n<h2><strong>Crypto Analyst Hints A Rally to $3593<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">While the current market correction and bearish pattern formation give a bearish outlook to the Ethereum price, the coin buyers can get an opportunity to counterattack at $2135. This neckline support aligned close with the 50-day EMA slope creates a strong demand area.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In addition, a renowned crypto analyst <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/x.com\/JacobCanfield\/status\/1740168599036367164?s=20\">JacobCanfield<\/a> added in his recent X-platform post that the ETH price has successfully retested this Weekly support($2124), suggesting it could act as a suitable launchpad to trigger a rally to $3583.<\/span><\/p>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.72.1 --><\/p>\n<p><span style=\"font-weight: 400;\">Thus, if the coin price shows suitability or buyers accumulation at the $2135-$2124 region, the aforementioned bearish thesis will be invalidated.<\/span><\/p>\n<ul>\n<li aria-level=\"1\"><b>Relative Strength Index (RSI): <\/b><span style=\"font-weight: 400;\">A bearish divergence in the daily <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/glossary\/rsi-relative-strength-index\/\">RSI<\/a> slope increasing the possibility for a price correction.<\/span><\/li>\n<li aria-level=\"1\"><b>Exponential Moving Average (EMA): <\/b><span style=\"font-weight: 400;\">The rising daily <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/education\/exponential-moving-average-how-to-leverage-it-in-crypto-market\/\">EMAs<\/a>(20, 50, 100, and 200) hint the overall trend remains bullish.<\/span><\/li>\n<\/ul>\n<h3><strong>Related Articles:<\/strong><\/h3>\n<p><noscript><link rel=\"stylesheet\" id=\"quads-style-css-css\" href=\"https:\/\/coingape.com\/wp-content\/plugins\/quick-adsense-reloaded\/includes\/gutenberg\/dist\/blocks.style.build.css?ver=2.0.72.1\" type=\"text\/css\" media=\"all\"\/><link rel=\"stylesheet\" id=\"dscf7-math-captcha-style-css\" href=\"https:\/\/coingape.com\/wp-content\/plugins\/ds-cf7-math-captcha\/assets\/css\/style.css?ver=6.3.2\" type=\"text\/css\" 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        \n\n<div class=\"getAuthoname\">\n                                          \n                                                                                 \n                                       <\/div>\n\n \n--><\/p>\n<p>Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading                         <\/p>\n<\/p><\/div>\n<div class=\"author_Image\">\n                                             <img loading=\"lazy\" alt=\"\" src=\"data:image\/svg+xml,%3Csvg%20xmlns=\" http:=\"\" data-lazy-srcset=\"https:\/\/secure.gravatar.com\/avatar\/a533fdcf650a1d3d3b6a452bcef2d18a?s=400&#038;d=mm&#038;r=g 2x\" class=\"avatar avatar-200 photo\" height=\"200\" width=\"200\" decoding=\"async\" data-lazy-src=\"https:\/\/secure.gravatar.com\/avatar\/a533fdcf650a1d3d3b6a452bcef2d18a?s=200&#038;d=mm&#038;r=g\"\/><noscript><img loading=\"lazy\" alt=\"\" src=\"https:\/\/secure.gravatar.com\/avatar\/a533fdcf650a1d3d3b6a452bcef2d18a?s=200&#038;d=mm&#038;r=g\" srcset=\"https:\/\/secure.gravatar.com\/avatar\/a533fdcf650a1d3d3b6a452bcef2d18a?s=400&#038;d=mm&#038;r=g 2x\" class=\"avatar avatar-200 photo\" height=\"200\" width=\"200\" decoding=\"async\"\/><\/noscript>                                       <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"TabDesCm tabcS\" id=\"TabD171652\">\n<p>  The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n<p>     <!--           <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/category\/price-analysis\/\" class=\"closeArticle2 close-btn\">Close Story<\/a>--><\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum Price Prediction: A double top formation in the daily chart hints the ETH price is at risk of a prolonged correction\u00a0 Published 11 mins ago Ethereum Price Prediction: For nearly a month, the Ethereum(ETH) has been trading sideways resonating within two horizontal levels of $2400 and $2137. On December 28th, the daily chart showed [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":220941,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[188,183,185,186,187,184,189,150,182,190],"class_list":["post-220940","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology","tag-blockchain-tech","tag-blockchain-technology","tag-crypto-technology","tag-cryptocurrency-technology","tag-metaverse-technology","tag-nft-technology","tag-soul-bound-token","tag-tech","tag-technology","tag-token-technology"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/220940","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=220940"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/220940\/revisions"}],"predecessor-version":[{"id":220942,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/220940\/revisions\/220942"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/220941"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=220940"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=220940"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=220940"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}