As a seasoned cryptocurrency researcher with over a decade of experience in the ever-evolving digital asset market, I have witnessed numerous bull and bear cycles that have shaped my understanding of the industry’s inherent volatility. Today, as I analyze the latest Ethereum (ETH) price action, I am reminded of the old adage: “The more things change, the more they stay the same.”
Looking at the daily chart, it seems that bulls are attempting a comeback on the last day of the week, as indicated by the 1.86% increase in ETH’s rate since yesterday. However, this rise comes after an almost unchanged price over the past seven days. I have learned to be cautious when interpreting short-term movements, as Ethereum has a tendency to surprise us with sudden reversals.
The hourly chart shows a false breakout of the local resistance at $3,409, suggesting that traders might witness a test of the support at $3,375 by tomorrow. I’ve seen this pattern before, and it often leads to consolidation or sideways trading rather than a clear-cut trend.
On the bigger time frame, the situation remains neutral, as the price is yet to approach significant levels. The declining volume indicates that neither buyers nor sellers are willing to take control at this juncture. This lack of conviction suggests that we should not anticipate any sharp ups or downs in the near future.
From a midterm perspective, it’s too early to speculate about a reversal, despite the possibility of a bullish weekly close. If the bar closes around current prices, ongoing sideways trading appears more likely. I have learned not to jump to conclusions based on short-term trends, as Ethereum often requires time to develop clear momentum.
In conclusion, while it’s tempting to predict the next move in ETH’s price action, I remain cautious and patient. As a researcher who has seen numerous bull and bear markets come and go, I know that the best strategy is to stay informed, adapt, and wait for clear signs of a sustained trend before making any bold predictions.
On a lighter note, they say that if you can’t predict the market, at least you can predict the weather – and even that’s questionable sometimes! But who knows, maybe Ethereum will surprise us all with an unexpected move this time around. Only time will tell!
Bulls are trying to be back in the game on the last day of the week, according to CoinMarketCap.
ETH/USD
The cost of Ethereum (ETH) has increased by approximately 1.86% compared to what it was yesterday. However, over the past week, its price has remained relatively stable.
On the one-hour scale, the primary altcoin’s price appears to have experienced a misleading breach of its immediate resistance level at around $3,409. Should the downward trend continue, traders might observe a potential test of the support at approximately $3,375 by tomorrow.
From my perspective as an analyst, on a larger time scale, the current scenario remains balanced since the price hasn’t approached significant resistance or support levels yet. Additionally, I observe that trading volume is dwindling, indicating neither parties – buyers nor sellers – are eager to take control of the market at this point in time.
In this case, one should not expect sharp ups or downs shortly.
Looking from a midterm perspective, it’s still premature to consider a potential reversal, even with the possibility of a bullish weekly close. If the trend continues near its current levels, it seems more probable that we’ll see further sideways movement in the market.
Ethereum is trading at $3,406 at press time.
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2024-12-29 15:18