Ethereum Falls Precipitously as It Approaches the $2,431 Barrier

Ethereum (ETH) Current Statistics
The current price: $2,210.14
Market Capitalization: $265,939,114,608
Trading Volume: $19,353,506,997
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $1,700, $1,500, $1,000

Ethereum (ETH) Price Analysis January 3, 2024
The price increase for Ethereum (ETH) has come to a halt as it approaches the $2,431 barrier. Despite reaching a high of $2,431, the largest altcoin experienced stiff opposition at its most recent top. Ether’s price fell precipitously as it breached the moving average lines.

Ether fell to a low of $2,097.40 before retreating. It is quite likely that the bearish momentum will continue downward. The altcoin will be trapped if the bearish momentum stops above the 50-day moving average line.

The altcoin will be forced to fluctuate in price between $2,190 and $2,400. However, if the price falls below the moving average lines, the altcoin will continue to fall. ETH/USD will drop much lower, reaching a low of $2,060.

ETH Technical Indicators Reading
Following a recent dip, the price bars have been trapped between the moving average lines. The bearish urge has eased as it hovers above $2,200. Selling pressure will return if the price falls below the moving average lines.

Conclusion
Ethereum resumes selling pressure as it approaches the $2,431 barrier. The altcoin fell quickly, breaking below the critical support level of $2,200 to reach a low of $2,101. Today, bulls have bought the dips as the altcoin hovers above the $2,200 support level.

The cryptocurrency is approaching bearish exhaustion as it maintains above the $2,200 low.

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