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The current downturn in Ethereum’s price can be attributed to a series of adverse events and network-related issues, leading to a decline in investor confidence. On December 15, Ethereum faced a setback as it failed to surpass the $2,320 resistance level. This recent correction is linked to unfavorable comments from regulators, a significant hack affecting a substantial portion of the Web3 ecosystem, decreased activity within the Ethereum network, and criticism from a former Ethereum Foundation developer.

 

Taking a broader look at the timeframe reveals a distinct perspective on the relatively modest 7.6% daily close fluctuations observed over the past 11 days. Prior to entering the current range of $2,190 to $2,360, Ether experienced a notable 40% rally. Consequently, the absence of a clear trend direction might signify an ongoing accumulation period.

 

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