Ethereum Technical Analysis Report | 26th-December-2023


Ethereum (ETH) price has demonstrated relatively lower performance compared to several major crypto assets this year, registering a modest increase of 90%. Currently, the RSI for Ethereum is on an upward trajectory and above 50, signalling bullish momentum. On each occasion, this led to significant upward movements, ranging from 105% to 340%. Additionally, Ethereum has witnessed inflows of $7.9 million, indicating robust fundamentals and a high demand for its staking yield.

At the time of writing, ETH was trading at $2,232.

Ethereum Thursday Daily Chart-26th-Dec-2023
Ethereum (ETH) Chart

ETH after breaking the log-held resistance of $2,150 surged up to $2,403. The asset faced stiff resistance at $2,400 (Horizontal Trendline) and witnessed some profit booking. The prices corrected almost by 12% and dropped to $2,116. ETH is taking good support at $2,150, and the lower longer shadow indicates buying at these levels. Currently, ETH is consolidating between $2,340 to $2,200. To rally further, the asset needs to break, close and sustain above the recent high of $2,400. Once it does that, it can go up to $2,750.

Key Levels:

  Support 2Support 1AssetResistance 1Resistance 2

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