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The Ethereum price surged almost 3% in the last 24 hours to trade at $2,177 as of 09:18 p.m. EST on trading volume that plunged 54% to $9 billion.
The surge comes despite the cryptocurrency market’s overall 1.7% drop in the last 24 hours to a $2.9 trillion market capitalization, according to CoinGecko.
Ethereum Price – A Bearish Reversal On The Horizon?
The ETH price has followed a rounded top pattern, indicating a gradual shift from bullish to bearish sentiment. The Ethereum price broke below the 200-day Simple Moving Average (SMA) (purple line) at $2,704 and the 50-day SMA (green line) at $3,058, confirming a strong downtrend.
ETH is now approaching a Fair Value Gap (FVG) region between $1,600 and $1,800. This zone represents a potential demand area where buyers might step in to halt further declines.
The Relative Strength Index (RSI) is at 31.25, approaching the oversold zone. This suggests that selling pressure is high, but a possible bounce or relief rally could occur if buyers step in near the support zone.
If the price of ETH fails to hold the $1,600–$1,800 FVG support zone, further downside toward $1,200–$1,400 could be seen.
ETH/USDT Chart Analysis (Tradingview)
However, if the Ethereum price finds strong support in the FVG zone, it could rebound toward the $2,400–$2,700 resistance range. A break back above the 200-day SMA ($2,704) would signal a potential recovery.
As the Ethereum price aims for a rebound, investors are wasting no time snapping up a new Solana layer 2 project called Solaxy (SOLX).
99Bitcoins, a popular crypto channel on YouTube with over 725K subscribers, says SOLX might soar 10x after launch.
Solaxy Presale Closes On $26 Million – Next Big Crypto?
Solana is a top favorite among crypto investors and developers alike, but it often has congestion issues, high transaction fees and delays. In heavy traffic, Solana is a frustrating network to navigate.
Solaxy aims to solve Solana’s congestion problems with features like transaction bundling and off-chain processing, improving Solana’s efficiency and speed.
Investors are already backing the idea with more than $25.5 million of funds.
🚨 Solaxy is now live in Upcoming Tokens! 🚨@SOLAXYTOKEN gives holders an opportunity to join the first-ever Solana Layer 2 blockchain.
Solaxy is set to enhance blockchain innovation through limiting congestion, reducing failed transactions, and improving scalability on SOL.… pic.twitter.com/satNF6zFNF
— Best Wallet (@BestWalletHQ) December 17, 2024
Although Solaxy is built to work with Solana, the project will first launch on Ethereum. The team is developing a bridge between the two blockchain networks to connect them.
By buying and holding SOLX, users can also earn passively through the platform’s staking mechanism, which offers a sky-high annual yield of 160%.
Investors interested in participating in the presale can visit the official Solaxy website to buy SOLX tokens at the current price of $0.001658 each using BNB, ETH, USDT, or a bank card.
Buy before a price hike in a little more than 1 day to secure the best deal.
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