Decoding Ethereum's Price Movement

Ethereum has broken the floor of the rising trend channel in the medium long term, which indicates a weaker initial rising rate. The currency has met the objective at $2333 after a break of the rectangle formation.

The price has now fallen, but the formation indicates further rise. In case of a negative reaction, ETH has support at approximately 1850 points. Volume tops and volume bottoms correspond well with tops and bottoms in the price. This weakens the trend break.

Key Fundamentals
Ethereum core developers yesterday solidified plans to roll out DenCun—the next upgrade for the network—on testnets beginning in January. This next round of updates will introduce proto-danksharding and so-called data "blobs."

In really simple terms, they new features are meant to significantly reduce high gas fees and improve the network's capacity. ETH's newly buoyant price was enough to convince crypto trader Peter Brandt to reverse his prediction that Ethereum was barreling towards an "immediate price collapse."