However, failure to move towards the $2800 level could see ETH test the $2300 mark then $2000 before year-end.
has been mirroring past market patterns as the end of 2024 approaches, with traders watching closely for any potential price drops.This year, the cryptocurrency has already experienced declines in April and August, leading analysts to speculate that a similar drop could happen before year-end, possibly in December.
In previous cycles, once ETH/BTC moved above this SMA, a strong bullish move followed. This hasn’t happened yet, which suggests the low might not be in place. Currently, competition from other platforms like Solana and inherent ecosystem challenges are adding bearish pressure on Ethereum.Traders looking to capitalize on this could consider short positions, as more declines seem likely.Despite these similarities, Ethereum has undergone major changes since 2016, including the Merge and 4844 upgrade, making it fundamentally different.Data from Binance indicates that 73.
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