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While the cryptocurrency market is witnessing a collective uptrend, Ethereum (ETH) has exhibited a notable performance with a 4.56% increase according to the latest data. This rise necessitates a closer look at the short and medium-term charts to measure Ethereum’s continuous growth potential.
Hourly Chart Analysis for Ethereum Price
Looking at the hourly chart, Ethereum (ETH) shows a breakout above the $2,331 resistance level. Although this initial movement is significant, the important factor lies in the daily bar’s closing in relation to this level. If the daily bar closes significantly away from the resistance, there is a possibility of a corrective pullback towards the $2,300 region in the following day.
When the analysis is extended to a broader time frame, particular attention should be paid to the candle closing in relation to the $2,392 resistance level. A close near or above this point could indicate a sustained upward trajectory.
If buyers maintain control and push the closing to around $2,400, the path could be opened for further growth. If this momentum continues, it could propel Ethereum towards the $2,500 and $2,700 regions in the near future.
How Much is Ethereum?
As of the latest update, the leading altcoin Ethereum is valued at $2,325. This showcases ETH’s resilience and potential for further gains. The evolving price dynamics in both short and medium-term charts suggest that Ethereum’s rise could continue, offering traders and investors an exciting landscape to navigate.
In conclusion, looking at the discussions in Ethereum forums, the price increase of Ethereum on December 22nd has caught the attention of the crypto community. With critical resistance levels and potential correction zones identified, market participants are eagerly awaiting further developments.
While Ethereum hovers around $2,325, the coming days could reveal an intriguing narrative for one of the leading cryptocurrencies. Due to the volatile state of the cryptocurrency market, a significant assessment for ETH’s price came today from Peter Brandt. According to him, Brandt has abandoned his previous thought expressed on December 18th that Ethereum could drop to $600. Crypto Capo, on the other hand, had indicated levels of $2,500 for Ethereum.
