Ethereum Technical Analysis: ETH Slides Over 8% Amid Downward Market Pressure

In the ever-volatile world of crypto assets, ethereum has exhibited a notable decline, with an 8.1% decrease in price over the past 24 hours. Technical indicators and chart patterns suggest a bearish sentiment in the air, urging traders to navigate with caution.

Timeline of Ethereum

Vitalik Buterin, the cofounder of Ethereum, the second-largest cryptocurrency by market capitalization, has recently made a significant transfer of USD Coin (USDC), a stablecoin pegged to the U.S. dollar.

Solana has continued its bullish sentiment in its ecosystem to flip Ethereum in the stablecoin market for the second week in a row, according to on-chain data. SOL's price gain has slowed in the past week, showing a negative 2.3% in a 7-day timeframe at the time of writing.

With Ethereum transaction activities increasingly shifting to Layer 2 (L2) networks, the ecosystem is bracing for a potential new bull run, one that could be predominantly led by these L2 platforms like Arbitrum and Optimism. The surge in L2 transactions, which have grown by an astounding 90 times since 2021, paints a clear picture: The next wave of decentralized finance (DeFi), non-fungible tokens (NFTs) and meme coins is likely to be rooted in these scalable networks.

The last twelve months have been nothing short of a wild ride for Bitcoin, Ethereum, and other altcoins, from BTC price revival — the cryptocurrency jumped by more than 160% in 2023 — to innovations in the Web3 industry and non-fungible tokens (NFTs), to the government crackdowns on the industry. Even amid all this hullabaloo,

Ethereum founder Vitalik Buterin recently revealed the Ethereum roadmap for 2024, shedding light on the platform's direction for the upcoming year. In his announcement, Buterin highlighted six key components that will dominate Ethereum's focus in 2024: the merge, the surge, the scourge, the verge, the purge, and the splurge.

Ethereum creator Vitalik Buterin has unveiled an updated road map for the blockchain platform, focusing on long-term strategic upgrades. These updates are part of Ethereum's ongoing effort to bolster network security and optimize its protocol for a more efficient system.

Ethereum founder Vitalik Buterin has shared the crypto project's roadmap for 2024. In a series of posts on X on December 30, Buterin spoke extensively on Ethereum's gameplan for the new year, which he claims is quite similar to the plan for 2023, albeit with a few changes.

Ethereum founder Vitalik Buterin declares that the role of single slot finality (SSF) is the most straightforward approach to tackling the majority of shortcomings on the Ethereum Proof-of-Stake (PoS) design.

Analysts projected an optimistic future for Ethereum, predicting a potential price target of $5,300. This forecast aligns with the latest updates from Ethereum's co-founder, Vitalik Buterin.

Ethereum Price Prediction: For nearly a month, the Ethereum(ETH) has been trading sideways resonating within two horizontal levels of $2400 and $2137. On December 28th, the daily chart showed a long-wick rejection candle at this overhead resistance reflecting the presence of high supply pressure.