December 12, 2023
ETH (Ethereum)
good news:
Yearly High: ETH price reached a new yearly high on December 9 at $2,403.
Long-term technical outlook: From a long-term technical perspective, ETH remains strong. In particular, ETH managed to break above the long-term $2,000 horizontal resistance zone, signaling a possible major price increase. Additionally, the weekly relative strength index (RSI) supports the continued upward trend in prices.
Bad news:
Recent sharp decline: ETH fell rapidly after reaching its yearly high, falling as low as $2,145. This decline may have been caused by the liquidation of leveraged long-term positions.
Market Volatility: ETH, along with other major cryptocurrencies, experienced significant volatility at the start of the week, reflecting the instability across the market.
Technical challenges: ETH faces network congestion and high gas fees. Although these problems have been improved to some extent, they still exist and may affect ETH's competitiveness in the future.
Overall judgment on December 12, 2023:
Overall, ETH has shown a certain negative trend recently. While ETH has a strong long-term outlook at a technical level, recent price drops and market volatility suggest short-term pressures. In addition, the ETH network’s technical challenges, such as transaction fees and network congestion, may affect its position amid increasing competition. While the long-term bullish factors remain, near-term uncertainty and technical issues could negatively impact prices. Therefore, judging from recent market dynamics and technical challenges, ETH has shown a relatively obvious negative trend.
