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Will Ethereum Price Crash Below $2,000 as 10K ETH Hits Exchanges?

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Ethereum price shows a slight uptick of 1.26% to $2654 during the Friday trading session. The ease from the mid-week sell-off has bolstered Bitcoin’s price to regain $60000 while igniting a fresh relief rally in the altcoin market. The rising ETH price is heading to $2750 resistance, a pivotal zone that could bolster new recovery to continue the prevailing correction.

Ethereum Price Holds Key Support Amid Major ETH Transfer to Exchange

According to blockchain data by Arkham Intelligence, a Gnosis Safe Proxy address associated with Metalpha has recently transferred a substantial 10,000 ETH to Binance, valued at $26.02 million.

Amid the transaction, the Ethereum price held steady above $2600, while the market cap recorded at $315.5 Billion.

Metalpla, an asset management company affiliated with Bitmain, the largest Bitcoin mining company, had earlier applied to Lido to redeem 10,000 ETH. This transaction underscores Metalpha’s active role in managing substantial cryptocurrency assets, possibly in preparation for strategic financial maneuvers within the market.

ETH Price Teeters at Pivot Point

In the past two weeks, the crypto market witnessed a relief rally concerning the aggressive correction in July. The bullish turnaround uplifted the Ethereum price from $2111 to $2620, registering a growth of 24%.

The rising price will likely challenge the downsloping trendline at $2750, which previously acted as major support amid market consolidation. From March to early August, the Ethereum price prediction showcased a sideways action resonating between two parallel trends of rectangle patterns.

The lateral trend at a notable high indicates the distribution phase—the stage in the market cycle where large investors gradually sell off their positions to retail traders.

Thus, the ETH price retest of the $2750-$2775 region could recuperate the selling pressure and prolong the market downfall. A recent death crossover among 50-and-200-day EMA backs the bearish outlook.

The potential will plunge the asset 19% down to hit $2127, while further breakdown could retest $1900 support.

Ethereum PriceEthereum Price
ETH/USDT – 1d Chart

On the contrary note, Ethereum has bounced 61.8% Fibonacci retracement level, which is often considered a healthy correction for buyers to regain bullish momentum. Moreover, the ADX indicator at 39% high accentuates the sellers led an overhead extended rally, often attracting dip buyers in the market.

Therefore, a potential breakout from the overhead resistance will secure strong support and weaken the bearish thesis. The post-breakout rally could drive the asset over 20% to target $3400.

Frequently Asked Questions (FAQs)

The recent death cross, where the 50-day EMA crosses below the 200-day EMA, suggests a bearish outlook for Ethereum. This technical indicator often signals a potential decline

A bullish breakout above the $2,750 resistance could renew momentum for Ethereum, potentially driving the price past $3,500.

The key levels to monitor are the $2750 resistance and the $2127 support. A breakout above $2750 could trigger a bullish rally, pushing the price towards $3400.

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Sahil Mahadik

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

Disclaimer: 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.





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Altcoins

Trader Predicts ‘God Candle’ Breakout for Ethereum, Says New All-Time High Loading for One Memecoin

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A popular crypto analyst thinks that Ethereum (ETH) is on the verge of printing a massive breakout rally also known as a god candle.

Pseudonymous analyst Inmortal tells his 221,100 followers on the social media platform X that Ethereum’s two-hour chart looks similar to Bitcoin’s (BTC) price action over the last two weeks.

The analyst says that while Ethereum struggles to clear resistance at $4,000, he notes that BTC also had trouble breaching $100,000 for weeks before surging to new all-time highs.

“Same price action, but with one difference.

God candle after the breakout.

ETH.”

Image
Source: Inmortal/X

Based on the trader’s chart, he seems to predict that ETH will surge close to its all-time high of $4,800 after the breakout. At time of writing, ETH is worth $3,892.

The trader also has his radar locked on the memecoin Floki (FLOKI). According to the trader, FLOKI appears to be trading in a symmetrical triangle pattern and is gearing up to shatter the structure’s diagonal resistance en route to new record highs.

“Second leg up – loading.
New ATH – loading.
Price discovery – loading.

FLOKI.”

Image
Source: Inmortal/X

Based on the trader’s chart, he seems to predict that FLOKI will explode to a new all-time high of $0.00038. At time of writing, FLOKI is worth $0.000219.

Looking at Solana (SOL), the trader sees the Ethereum rival bursting above its diagonal resistance to rally toward $300.

“Something like this.

SOL.”

Image
Source: Inmortal/X

At time of writing, SOL is worth $222.60.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Bitcoin

Analyst Says It’s Time for New Ethereum All-Time High, Sees Bitcoin Going ‘Full Santa Claus Mode’

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A closely followed crypto trader believes that conditions are nearly ripe for Ethereum (ETH) to witness a surge to fresh record highs.

Crypto strategist Justin Bennett tells his 115,400 followers on the social media platform X that it’s only a matter of time before Ethereum fully reclaims resistance at $4,000 as support.

According to Bennett, Bitcoin has been on a grind-up this month and traders will eventually rotate some of their BTC profits to ETH to capture more upside potential.

“ETH has struggled at $4,000 for obvious technical reasons, and BTC has stolen the show so far in December.

But I’m betting we will see some of those Bitcoin profits flow into Ethereum soon.

If ETH can clear $4,000-$4,100, there isn’t much stopping a sprint to $4,800 and potentially mid $5,000 to complete this channel.

Time for a new Ethereum ATH (all-time high).”

Image
Source: Justin Bennett/X

At time of writing, Ethereum is trading for $3,873.

For the rest of December, Bennett thinks that the two largest crypto assets by market cap will outperform the rest of the digital asset market.

“Focusing on BTC and ETH for the next two weeks makes the most sense, IMO (in my opinion).

Alts will have their time again, but probably not before we see some crazy bullish moves from Bitcoin and Ethereum through the end of the year.”

Looking at Bitcoin itself, the trader says that BTC is in the midst of a Christmas rally, and he expects the crypto king to shatter its diagonal resistance en route to new all-time highs.

“Bitcoin going full Santa Claus mode.

Pullbacks might be hard to come by through the end of the year, especially with the speculation of BTC becoming a US reserve asset under Trump.

Wouldn’t be surprised to see $116,000 or even $125,000 through the end of December.”

Image
Source: Justin Bennett/X

At time of writing, Bitcoin is trading for $106,339.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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ETH

Ethereum Price Falls Short Above $4,000: Will Bulls Try Again?

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Este artículo también está disponible en español.

Ethereum price failed to settle above the $4,000 zone. ETH is correcting gains and might struggle to stay above the $3,820 support zone.

  • Ethereum started a downside correction from the $4,100 zone.
  • The price is trading below $3,980 and the 100-hourly Simple Moving Average.
  • There was a break below a key bullish trend line with support at $3,940 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to move down if it fails to stay above the $2,820 support zone.

Ethereum Price Fails Again

Ethereum price struggled to stay above the $4,000 level and underperformed Bitcoin. ETH started a fresh decline and traded below the $4,000 support zone.

There was a move below the $3,980 and $3,940 support levels. Besides, there was a break below a key bullish trend line with support at $3,940 on the hourly chart of ETH/USD. The pair even dipped below the $3,850 level. A low was formed at $3,837 and the price is now consolidating losses.

Ethereum price is now trading below $3,920 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,900 level. It is close to the 23.6% Fib retracement level of the downward move from the $4,107 swing high to the $3,837 low.

The first major resistance is near the $3,970 level or the 50% Fib retracement level of the downward move from the $4,107 swing high to the $3,837 low.

Ethereum Price
Source: ETHUSD on TradingView.com

The main resistance is now forming near $4,000. A clear move above the $4,000 resistance might send the price toward the $4,120 resistance. An upside break above the $4,120 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,250 resistance zone or even $4,320.

More Losses In ETH?

If Ethereum fails to clear the $3,900 resistance, it could continue to move down. Initial support on the downside is near the $3,820 level. The first major support sits near the $3,780 zone.

A clear move below the $3,780 support might push the price toward the $3,650 support. Any more losses might send the price toward the $3,550 support level in the near term. The next key support sits at $3,500.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 zone.

Major Support Level – $3,820

Major Resistance Level – $3,970



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