{"id":223180,"date":"2024-01-04T02:09:13","date_gmt":"2024-01-03T20:39:13","guid":{"rendered":"https:\/\/dripp.zone\/news\/ethereum-price-prediction-signals-20-downside-risk-as-60-day-support-falls-crypto-news\/"},"modified":"2024-01-04T02:09:16","modified_gmt":"2024-01-03T20:39:16","slug":"ethereum-price-prediction-signals-20-downside-risk-as-60-day-support-falls-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/ethereum-price-prediction-signals-20-downside-risk-as-60-day-support-falls-crypto-news\/","title":{"rendered":"Ethereum Price Prediction Signals 20% Downside Risk As 60-Day Support Falls &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div id=\"post-172160\">\n<p>\nEthereum Price Prediction: The ETH price below the coming support trend should accelerate the selling pressure on this asset\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\/2024\/01\/VQGOdvOd-e1704313543738.png\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Ethereum Price Prediction\" decoding=\"async\" fetchpriority=\"high\" \/><\/noscript><\/div>\n\n\n--><\/p>\n<p class=\"MarketsUp f-14 d-block\">  Published 10 seconds ago <\/p>\n<div class=\"Atcs\">\n<p><span style=\"font-weight: 400;\">Ethereum Price Prediction: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/markets\/ethereum-price-prediction-buterins-2024-roadmap-rally-to-5000\/\">Ethereum (ETH), the world\u2019s second-largest cryptocurrency<\/a>, has been experiencing a lateral trading pattern for over a month, fluctuating between two key levels at $2400 and $2137. The appearance of daily candles with rejection wicks at both ends signifies a prevailing uncertainty among investors. Recently, a sharp market downturn, partly attributed to speculated rejections of spot Bitcoin ETFs by the US SEC as reported by Matrixport, a digital asset financial services firm, resulted in a notable 6.5% drop in the ETH price. This decline led to the breach of a crucial support trendline, hinting at the risk of further corrections.<\/span><\/p>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.72.1 --><\/p>\n<h2><b>Is Ethereum Headed for a Steeper Slide?\u00a0<\/b><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A bearish breakdown below the support trendline hints at an early upcoming correction.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A healthy retracement in ETH price should bolter buyers to revive exhausted 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 $19.3 Billion, indicating a 53% gain.<\/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\/v\/VQGOdvOd.png\"\/><noscript><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/s3.tradingview.com\/snapshots\/v\/VQGOdvOd.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;\">Over the past eight weeks, the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/price\/ethereum\/\">Ethereum price<\/a> has shown signs of recovery, evident from an ascending trendline on the daily chart. This trendline has historically served as a strategic buying point for investors during market dips, indicative of a robust recovery.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, during the current period of consolidation, Ether has been facing substantial resistance at the $2400 mark. The recent downturn, coinciding with the broader market sell-off, pushed the price below both the 23.6% Fibonacci retracement level and the established support trendline.<\/span><\/p>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.72.1 --><\/p>\n<p><span style=\"font-weight: 400;\">If the daily candlestick closes beneath this critical threshold, it could pave the way for sellers to exert additional downward pressure, potentially triggering a further 20% price decline, bringing the ETH price down to approximately $1750.<\/span><\/p>\n<h2><b>Ethereum Long-Term Holder Ratio Surpasses Bitcoin<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">While current short-term trends suggest a cautious or downward trajectory for the Ethereum price, an analysis of the \u201cHolder Ratio\u201d chart presents a promising outlook for the cryptocurrency. In a retrospective of 2023, on-chain data from <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/x.com\/intotheblock\/status\/1741188714963882035?s=20\">Intotheblock<\/a> showcased on the X-platform, revealed that the proportion of long-term Ethereum holders exceeded that of Bitcoin for the second time. This vital statistic underscores a growing trend of Ethereum investors committing to hold their assets for extended periods, outpacing similar commitments among Bitcoin investors. This increase in long-term holding is significant as it reflects deepening confidence in Ethereum\u2019s prospects and stability<\/span><\/p>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.72.1 --><\/p>\n<ul>\n<li aria-level=\"1\"><b>Relative Strength Index (RSI): <\/b><span style=\"font-weight: 400;\">The daily <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/glossary\/rsi-relative-strength-index\/\">RSI<\/a> slope drops below the midline reflecting the sellers are strengthening their group over<\/span><\/li>\n<li aria-level=\"1\"><b>Exponential Moving Average (EMA): <\/b><span style=\"font-weight: 400;\">The ETH price above daily EMAs(50, 100, and 200) hints the broader market is strongly bullish.<\/span><\/li>\n<\/ul>\n<h3>Related Articles:<\/h3>\n<\/p><\/div>\n<div class=\"MarketBottm\">\n<div class=\"Socilsm\">\n<p>\n                    Share this article on:<\/p>\n<div class=\"LinksSo\">\n                    <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.me\/share\/url?url=https:\/\/coingape.com\/markets\/ethereum-price-prediction-20-down-risk-as-support-falls\/&#038;text=Ethereum Price Prediction Signals 20% Downside Risk As 60-Day Support Falls\" class=\"TeleS\"><i class=\"fa fa-paper-plane-o\"\/><\/a><br \/>\n                    <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/api.whatsapp.com\/send?text=https:\/\/coingape.com\/markets\/ethereum-price-prediction-20-down-risk-as-support-falls\/\" data-action=\"share\/whatsapp\/share\" class=\"TeleSwp\"><i class=\"fa fa-whatsapp\"\/><\/a><br \/>\n                    <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/share?url=https:\/\/coingape.com\/markets\/ethereum-price-prediction-20-down-risk-as-support-falls\/\" class=\"tw_new_logo\"><br \/>\n<img loading=\"lazy\" decoding=\"async\" src=\"data:image\/svg+xml,%3Csvg%20xmlns=\" http:=\"\" class=\"mb-1\" alt=\"coingape\" width=\"18\" height=\"18\" data-lazy-src=\"https:\/\/cdn.coingape.com\/wp-content\/uploads\/2023\/08\/14164721\/x-logo.png\"\/><noscript><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/cdn.coingape.com\/wp-content\/uploads\/2023\/08\/14164721\/x-logo.png\" class=\"mb-1\" alt=\"coingape\" width=\"18\" height=\"18\"\/><\/noscript><br \/>\n<\/a><br \/>\n                    <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer\/sharer.php?u=https:\/\/coingape.com\/markets\/ethereum-price-prediction-20-down-risk-as-support-falls\/\" class=\"TeleSFb\"><i class=\"fa fa-facebook\"\/><\/a>\n                    <\/div>\n<\/p><\/div>\n<\/div>\n<div class=\"TabDicA\">\n<div class=\"TBAcon \">\n<div class=\"authorFlip tabcS\" id=\"TabA172160\">\n<div class=\"authorBox\">\n<div class=\"author_Name\">\n<!--\n                                      \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=\"TabD172160\">\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: The ETH price below the coming support trend should accelerate the selling pressure on this asset\u00a0 Published 10 seconds ago Ethereum Price Prediction: Ethereum (ETH), the world\u2019s second-largest cryptocurrency, has been experiencing a lateral trading pattern for over a month, fluctuating between two key levels at $2400 and $2137. The appearance of [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":223181,"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-223180","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\/223180","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=223180"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/223180\/revisions"}],"predecessor-version":[{"id":223182,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/223180\/revisions\/223182"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/223181"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=223180"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=223180"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=223180"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}