Ethereum (ETH) Reviews for December 2023

Ethereum, in the realm of cryptocurrency trading, is not just a digital asset; it represents a revolutionary smart contract platform that has significantly shaped the decentralized finance (DeFi) landscape. As a professional forex cryptocurrency trader, Ethereum holds a distinct position in my portfolio, driven by its unique features and its role as the backbone of decentralized applications (DApps). One of Ethereum's key attributes is its versatility. While Bitcoin primarily serves as a store of value, Ethereum extends its functionality by enabling the creation of decentralized applications and smart contracts. This programmability opens a vast array of opportunities, from decentralized finance platforms to non-fungible tokens (NFTs), contributing to Ethereum's appeal beyond simple transactional use. Ethereum's commitment to a decentralized and open-source ethos aligns with the broader principles of the cryptocurrency space. As a trader, understanding Ethereum's ecosystem involves keeping tabs on developments within the decentralized finance sector, as changes or innovations in this space often have a direct impact on Ethereum's price dynamics. Smart contract functionality on the Ethereum blockchain introduces an additional layer of complexity to its market behavior. The success and adoption of various decentralized applications can influence Ethereum's demand and, consequently, its market value. Monitoring the activity of decentralized finance projects, token launches, and upgrades to the Ethereum network becomes crucial in making informed trading decisions. Ethereum's transition to a proof-of-stake consensus mechanism with Ethereum 2.0 is a significant development that traders need to follow closely. This shift not only addresses scalability concerns but also affects the overall supply dynamics of Ethereum. The move to a more energy-efficient model is part of Ethereum's ongoing evolution, impacting its narrative and potential market positioning. Similar to Bitcoin, Ethereum experiences volatility, offering trading opportunities for those who can navigate market fluctuations effectively. Recognizing Ethereum's role in facilitating decentralized applications and smart contracts, I approach it as more than just a speculative asset, acknowledging its utility within the broader blockchain ecosystem. In conclusion, Ethereum stands as a dynamic and multifaceted asset for professional forex cryptocurrency traders. Its programmability, commitment to decentralization, and ongoing network developments make it a compelling and ever-evolving component of the cryptocurrency market, requiring traders to stay informed and adaptive to its evolving narrative.

Ether once again bounced off the 50-day SMA ($1,843) on July 10, indicating that the bulls are fiercely guarding this level. The price turned up and closed above the 20-day EMA ($1,874), indicating that the bulls are trying to make a comeback. If buyers drive the price above $1,906, the ETH/USDT pair could attempt a rally to the overhead resistance at $2,000. This level is likely to witness strong selling by the bears. The crucial support to watch on the downside is the 50-day SMA. If this level gives way, it could pave the way for a deeper correction to $1,700.

Ether’s attempt to start a recovery is facing selling at the 20-day EMA ($1,766), but a minor positive is that the bulls have not allowed the price to slip back below $1,700. If the price turns up from $1,700, the ETH/USDT pair will again attempt to rally above the 20-day EMA. If that happens, it will suggest that the short-term corrective phase may be over. The pair may first rise to $1,928 and subsequently to $2,000. Contrarily, if the price turns down from the current level and breaks below $1,700, it will indicate that bears remain in command. There is minor support at $1,600, but if this level gets taken out, the pair may plunge to $1,352.

Ether broke above the falling wedge pattern on May 28 and successfully held the retest on June 1, but the bulls failed to start a new up move. This gave an opportunity to the bears to make a comeback. Sellers tugged the price below the moving averages on June 5, which accelerated the selling. The ETH/USDT pair tumbled below the resistance line of the wedge pattern. If this level fails to hold, the next stop could be $1,740 and then the support line. This negative view will invalidate in the near term if the price turns up and breaks above $1,928. The pair could then surge to $2,000 and eventually to $2,200, where the bears may again mount a strong defense.

Ether surged above the 20-day EMA ($1,830) on May 23, but the bulls could not continue the up move on May 24. The bears pulled the price back below the 20-day EMA on May 24. This suggests that the ETH/USDT pair may continue to trade inside the falling wedge pattern for a few more days. A break below the wedge will indicate the start of a deeper correction. The first support on the downside is $1,600, but if this level fails to hold, the pair may slump to $1,352. Conversely, if the price turns up and breaks above the wedge, it will signal the start of a new up move. The pair could first rise to $2,000 and thereafter to $2,200.

The bulls pushed Ether above the resistance line of the symmetrical triangle pattern on May 5. This shows that the bulls absorbed the supply and have come out on top. If buyers sustain the price above the triangle, the ETH/USDT pair could first rise to $2,000 and then attempt a rally to $2,200. The bears may aggressively defend this level because if they fail to do that, the pair may skyrocket toward $3,000. Contrary to this assumption, if the price turns down from the current level and re-enters the triangle, it will suggest that the breakout may have been a bull trap. The pair may then once again drop to the support line. A break below this level may sink the pair to the target objective of $1,619.

Ether is in an uptrend, but it is facing resistance near the critical overhead level of $2,200. This suggests that some short-term traders may be booking profits after the strong rally in the past few days. The ETH/USDT pair may dip down to the psychological support at $2,000 and then to the 20-day EMA ($1,930). In an uptrend, buyers generally try to defend the 20-day EMA during pullbacks. In this case, if the price turns up from the 20-day EMA, it will suggest that lower levels are attracting buyers. That could enhance the prospects of a break above $2,200. If this level gives way, the pair may surge to $3,000. Contrarily, if the price slumps below the 20-day EMA, it will indicate that the bulls are rushing to the exit. The pair may then descend to $1,680 and thereafter to the 200-day SMA ($1,482).

Ether rebounded off the 20-day EMA ($1,778) on April 3 and broke above the overhead resistance at $1,857. This suggests the start of the next leg of the up-move. The path is clear for a potential rally to $2,000. This level is likely to act as a strong resistance, but if bulls flip the $1,857 level into support during the next decline, it will suggest that buyers are in command. The ETH/USDT pair could then attempt a rally to $2,200. Time is running out for the bears. If they want to make a comeback, they will have to halt the rally and pull the price below $1,857. If they manage to do that, the aggressive bulls may get trapped. The pair could first drop to the 20-day EMA and subsequently to $1,680.

Ether faces resistance near $1,857, indicating that bears are trying to protect this level with all their might. A positive sign in favor of the bulls is that they have not ceded ground to the bears. The rising 20-day EMA ($1,736) and the relative strength index (RSI) in positive territory enhance the prospects of a break above $1,857. If that happens, the ETH/USDT pair may resume its up-move and reach the overhead resistance zone between $2,000 and $2,200. Contrary to this assumption, if the price trips below the 20-day EMA, it will suggest that the bulls have given up. That could pull the price to the strong support at $1,680. A break below this level could indicate that bears have seized control. The pair may then descend to $1,600 and, after that, to $1,461.

Buyers are trying to protect the $1,550 level on Ether but a minor negative is that they have failed to achieve a strong rebound off it. This suggests that the bears are selling on every small recovery. The 20-day exponential moving average ($1,599) has started to turn down and the RSI is in the negative zone, indicating that bears have the upper hand. If the $1,550 support cracks, the ETH/USDT pair may drop to $1,461. This level may again attract strong buying by the bulls. If the price rebounds off this level with strength, it will suggest that the pair may consolidate between $1,461 and $1,743 for some time. Contrarily, a break below $1,461 will open the doors for a possible drop to $1,352. This level may again attract strong buying by the bulls.

Ether rebounded off the 50-day SMA ($1,587) on Feb. 25, indicating that the bulls are fiercely defending this level. The 20-day EMA ($1,626) has flattened out, and the RSI is just above the midpoint, indicating a balance between supply and demand. This balance will tilt in favor of the bulls if they thrust and close the price above $1,680. The ETH/USDT pair will then attempt to rise above the $1,800 resistance and start its journey toward the psychological level of $2,000. Alternatively, if the price once again turns down from the overhead resistance, it will indicate that bears are not willing to give up. That may increase the possibility of a break below the 50-day SMA. The pair could then drop to $1,460 and later to $1,352.

Buyers pushed Ether above the overhead resistance of $1,680 on Feb. 17 and thwarted attempts by the bears to pull the price back below the breakout level. The upsloping moving averages and the RSI in the positive zone indicate that the path of least resistance is to the upside. The ETH/USDT pair could first rise to $1,800 and then continue its journey toward the next resistance at $2,000. Sellers are expected to fiercely defend the zone between $2,000 and $2,200. This bullish view could invalidate in the near term if the price turns down from the current level and breaks below $1.460. The pair may then slump to the strong support at $1,352.

Ether is struggling to find its footing at the $1,500 support. The 20-day EMA ($1,567) has turned down and the RSI is in the negative territory, indicating that bears have the upper hand. If the 50-day SMA ($1,483) fails to arrest the decline, the selling could accelerate and the ETH/USDT pair may fall to the solid support at $1,352. This level may attract aggressive buying by the bulls. If the price rebounds off it, the pair may oscillate between $1,352 and $1,680 for some time. Another possibility is that the price turns up from the 50-day SMA and breaks above the 20-day EMA. The pair could then rally to $1,680, which remains the key level for the bulls to surmount.

Buyers propelled Ether above the overhead resistance of $1,680 on Feb. 2, but they could not sustain the breakout. The price gave up all the gains on the day and closed below $1,680. The upsloping 20-day EMA ($1,571) and the RSI in the positive territory indicate that bulls are in control. They may again attempt to overcome the overhead barrier at $1,680 and start the journey to $2,000. The $1,800 level may provide some resistance, but it is likely to be crossed. Bears will have to sell aggressively and yank the price below the 20-day EMA if they want to gain the upper hand. If they can pull it off, the ETH/USDT pair may decline to $1,500 and if this support cracks, the pullback could eventually reach $1,352.

Ether once again reached near the overhead resistance at $1,680 but the bulls could not overcome this obstacle. That means the price remains stuck between the 20-day EMA ($1,540) and $1,680. If the price rebounds off the 20-day EMA, it will suggest strong buying on dips. The bulls will then again try to thrust the price above $1,680. If they succeed, the ETH/USDT pair could rally toward $2,000 with a brief stop near $1,800. Contrary to this assumption, if the price turns down and tumbles below the 20-day EMA, it could attract profit-booking by the short-term bulls. The pair could then decline to the 50-day SMA ($1,365), which may act as a strong support.

Ether has been range-bound between $1,150 and $1,352 for the past few days. The price action inside the range could be random and volatile. The moving averages have flattened out but the RSI is in the positive territory, indicating that bulls have a slight edge. If the price turns up and breaks above $1,272, the ETH/USDT pair could rally to the overhead resistance at $1,352. Another possibility is that the price turns down and dives back below the moving averages. In that case, the pair could decline to the immediate support at $1,150. This level could witness a tough battle between the bulls and the bears.

Ether broke below the 20-day EMA of $1,254 on Dec. 7 but the bears could not sustain the lower levels. The bulls bought the dip and pushed the price back above the 20-day EMA on Dec. 8. Buyers will once again strive to thrust the price above the overhead resistance at the 50-day SMA of $1,331. If they can pull it off, the ETH/USDT pair could surge toward the resistance line of the descending channel. On the contrary, if the price turns down from the 50-day SMA, it could keep the pair stuck inside the range for a few days. The flat moving averages and the RSI just above the midpoint also indicate a consolidation in the short term. The advantage could tilt in favor of the bears if the price turns down and breaks below $1,212.

The bears tried to sink Ether back below the 20-day EMA of $1,251 on Dec. 3, but the bulls held their ground. This suggests that the buyers are defending the 20-day EMA aggressively. The 20-day EMA has started to turn up gradually and the RSI is just above the midpoint, indicating that the bulls have a slight edge. This improves the prospects of a break above the 50-day SMA of $1,334. If that happens, the ETH/USDT pair could pick up momentum and rally to the resistance line of the descending channel, which could act as a major roadblock. On the downside, a break and close below $1,236 could suggest that bears are attempting a comeback. The pair could then slide to $1,150.

Ether continues to trade inside the descending channel pattern but the bulls are attempting to tilt the short-term advantage in their favor. Buyers drove the price above the 20-day EMA of $1,245 on Nov. 30, suggesting demand at higher levels. The bears will again try to stall the recovery at the 50-day SMA of $1,335, but the likelihood of a break above it is high. If that happens, the ETH/USDT pair could rally to the resistance line of the channel. This level may prove to be a major roadblock for the bulls. lternatively, the failure to push the price above the 50-day SMA may create an opening for the bears to pull the pair back below the 20-day EMA. The pair could then give back its recent gains and drop to $1,151.

Ether turned down from the 20-day EMA of $1,234 on Nov. 26 but the bulls arrested the decline at $1,151 on Nov. 28. This indicates a pick-up in demand and a sign that the sentiment could be turning positive. Buyers have pushed the price above the 20-day EMA and will next attempt to break above the 50-day SMA of $1,335. If they succeed, the ETH/USDT pair could rally to the resistance line of the descending channel. This level may attract strong selling by the bears because a break above the channel could indicate a possible trend change. To invalidate this bullish view, the bears will have to defend the 50-day SMA and pull the price back below $1,051. The pair could then decline to the support line of the channel.