As one of the leading players in the cryptocurrency world, Ethereum (ETH) continues to attract the attention of both investors and technology enthusiasts in recent years. Despite this interest, ETH has underperformed throughout 2023, showing much more limited performance compared to Bitcoin (BTC) and many other altcoins. However, the rise of over 6% today as we approach the end of the year has given investors hope. In this article, we will take a look at the price chart to understand Ethereum’s price performance and evaluate future perspectives.
What Does the Ethereum Chart Indicate?
The largest altcoin Ethereum is trading at $2,352, up 6.52% in the last 24 hours at the time this article was prepared. This price level indicates that ETH has reached a critical resistance level and is on the verge of a make-or-break point.
Looking at the daily time frame of ETH’s chart, it is seen that the price has been moving between two converging trend lines for a long time, and the $2,358 level stands out as a very strong and significant resistance level.
From December 7 to December 11, attempts to cross this threshold in ETH resulted in the bulls not bringing the expected breakout, leading to control passing to the bears. The failure of the breakout attempts at that time strengthened the bears’ hand, causing the price to be pulled down to $2,177.
If ETH fails to cross this threshold again, a similar decline could be expected, with the price being pulled down to $2,177. If it cannot hold above this level, the next support levels on the downside will be $2,027 and $1,933. It can be said that if a decline occurs without finding support at these levels, the subsequent support levels will be $1,733 and $1,539.
Bullish Commentary for Ethereum
On the other hand, if Ethereum surpasses the $2,358 threshold, it would not be wrong to say that the momentum of the rise will increase and an important step for a strong rise will have been taken. In this scenario, an initial increase up to $2,638 can be expected.
With the crossing of the $2,638 threshold, the next target level for the altcoin king will be $2,940. Essentially, the $2,358 threshold is key for a medium-term rise in ETH up to $4,112.
