All about Crypto & Blockchain

Ether Surges Nearly 3% After Recording 13% Price Drop in December 2022.

0

Ether is seeing a slow and steady uptrend and is likely to continue given that it gained 2.74% in the last 24 hours.  This fresh surge comes after the second most popular cryptocurrency dropped 13% in mid-December, ending volatility. The price drop was quickly followed by a lofty attempt at recovery. This led to a consolidation in the form of higher highs and higher lows.

At the time of writing this article, Ether was trading at $1,249 as per data from CoinMarketCap. The price action from mid-December 2022 to date has formed a bearish flag. The technical formation for ETH price suggests a 13% drop to $1,050 is in the cards. The drop could happen around the $1,205 mark. Ether is likely to continue its descent to retest the theoretical target at $1,050.

On the upside, if Ethereum’s price produces a four-hour candlestick close above $1,266 it will have infiltrated the flag’s upper limit and brushed off the bearish outlook. However, ETH faces resistance at $1,250 and the bulls have failed to clear this key resistance. Overall, the market sentiment remains bearish.

Leave A Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More