Ether (ETH), the cryptocurrency that powers the Ethereum blockchain, has fallen more than 7% from its recent highs, reached last week around $1,680, but it has gained close to 18% over the past two weeks. The most well-known and widely used decentralized layer-1 blockchain system for smart contracts is Ethereum, whose native cryptocurrency, Ether, is the second most valuable cryptocurrency in terms of market capitalization behind Bitcoin.

Since Ether’s unsuccessful attempt last week to push over crucial resistance in the $1,680 level, which looks to have sparked an increase in profit-taking by short-term speculators, ETH sellers have been in charge over the past few days. The last wave of ETH’s decline was sparked by a bearish breakout from a short-term pennant structure that the cryptocurrency had built on the 4-hour candle sticks, suggesting that technical selling by intraday traders has also likely contributed.

Today’s Ethereum Price

Ethereum Price Prediction

Looking at ETH over a longer time horizon, things are looking up. Yes, ETH has so far been unable to break through the $1,680 resistance, but the cryptocurrency is no longer constrained by the long-term downward trend channel that predominated for a large portion of late 2022 and early 2023.

Additionally, despite the fact that all of its key moving averages are currently going upward, ether still trades well to the north of them. In the meantime, the 50DMA’s rate of ascent indicates that, provided ETH doesn’t see a sharp decline in the coming weeks or months, there should be a bullish golden cross sometime in February (when the 50DMA crosses above the 200DMA).

Since ETH has recently declined, the 14-day Relative Strength Index (RSI) indicates that Ether is no longer overbought, indicating that there is opportunity for buying pressure to reappear in the next days and weeks.

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