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The Ethereum price dropped 8% in the last 24 hours to trade at $2,121 as of 12:11 p.m. EST on trading volume that rose almost 2% to $32 billion.
The ETH price has been experiencing significant downward pressure, as the ongoing bear market intensifies. The altcoin leader’s price has seen a substantial drop over the past few days that has pushed the asset to trade at pre-election levels.
Ethereum Price Breaks Key Support As Bearish Momentum Strengthens
According to the 4-hour ETH/USDT chart, the ETH price has been in a well-defined descending wedge, with consistent lower highs and lower lows. This pattern has been dominant since the Ethereum price peaked above $4,000, with sellers maintaining control.
ETH recently broke below a Fair Value Gap (FVG) support zone between $2,350 – $2,533, a critical level that previously acted as a demand area, according to GeckoTerminal data.
The failure to hold this region has led to an accelerated decline, pushing ETH to $2,121.71 at the time of writing.
The downtrend remains intact as ETH continues to trade below the 50-period (white line) and 200-period (yellow line) Simple Moving Averages (SMAs) on the 4-hour chart.
Meanwhile, the Relative Strength Index (RSI) is at 21.96, indicating that ETH is deeply oversold and could see a short-term bounce. However, extreme oversold conditions alone are not enough to reverse the trend, as strong selling pressure can persist.
ETH Price Prediction
Given the current technical setup, ETH remains bearish in the short term. A break below $2,000 would open the door for further downside, possibly targeting $1,800.
On the flipside, if ETH holds $2,000, a relief bounce to $2,400 – $2,500 could occur. For ETH to shift bullish, it must break above $2,600 and regain the 50 SMA as support.
In the meantime, investors are flocking to buy Best Wallet (BEST), which popular YouTuber ClayBro with over 136K subscribers says is one of the best crypto wallets for 2025.
Best Wallet Presale Amasses Over $10.6 Million
The BEST token presale is closing on $11 million in funds raised.
Best Wallet is not just another crypto storage solution; it is a next-generation financial tool that integrates multiple functionalities to simplify digital asset management.
At its core, the platform is designed for ease of use, ensuring that both beginners and experienced investors can manage and keep track of their holdings effortlessly.
The wallet supports 60+ blockchains, and also features a built-in DEX, presale aggregator, and crypto debit card. Its native token, BEST, powers the ecosystem, which is designed to simplify on-chain activities while minimizing security risks, making it a standout app in the competitive crypto wallet space.
The Fastest Growing Wallet in Crypto!
In a crowded market, Best Wallet delivers the tools you need to gain an edge. 🚀
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2️⃣ Buy and claim tokens in the app.
3️⃣ Manage all your assets across multiple chains in one place.This is why the Best… pic.twitter.com/AT4yos1CmG
— Best Wallet (@BestWalletHQ) December 30, 2024
A key feature that sets Best Wallet apart is its “Upcoming Tokens” section, a presale aggregator that identifies high-potential projects.
It’s establishing a strong track record after already flagging Pepe Unchained (PEPU) and Catslap (SLAP), meme coins that delivered 500% and 3,000% gains, respectively, for early investors.
Currently, BEST tokens are going for $0.02415. Buy before a price hike in about 11 hours to lock in the best deal. After purchasing BEST, you can also stake your tokens for a huge 151% annual return.
Visit the Best Wallet website.
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