Ethereum Price Prediction After (December 6, 2024) appeared first on Coinpedia Fintech News.
In terms of broader indicators, Ethereum’s market cap currently stands at $469.67 billion, up an impressive 50.30% over the past 30 days. Furthermore, the 24-hour trading volume is $53.59 billion, reflecting strong market activity.
Will the surge in demand for Ethereum lead to a new 52-week high this week? Let’s find out.
Ethereum Price Analysis
On the 4-hour chart, Ethereum price activity is revealing an ascending channel pattern, indicating an upward trend. Within this channel, Ethereum price has managed to break through a major resistance level of $3,900, with its current price at $3,899.58.
Trading View
Ethereum saw a notable increase of around 10% after bouncing off the local support trend line and the 50 moving average line, driven by a bullish series of seven consecutive green candles.
However, the current 4-hour candlestick is showing two Doji formations, indicating uncertainty as the price extends within its range. Furthermore, a reversal is emerging after retesting the recently broken supply zone.
This reversal started after a retest of the morning star pattern, which pushed the price to a peak of $3,914, creating a bullish engulfing candle. Over the past 24 hours, Ethereum has gained 1.35%, with a 7-day increase of 8.80%, highlighting the ongoing bullish sentiment.
Ethereum Price Techniques and Price Targets
The MACD has avoided a bearish crossover, accompanied by the reappearance of positive histograms, supporting the ongoing uptrend. Additionally, the 20-day and 50-day moving averages maintain a positive trend, acting as dynamic support levels.
Ethereum is poised to break its current 52-week high and approach an upper resistance line near $4,100. On the other hand, the recently turned support-from-resistance area at $3,750 is expected to ease any potential supply pressure.
Will Ethereum Bulls Surpass $5,000? Find Out Now in Coinpedia’s Comprehensive Ethereum Price Prediction!
Frequently Asked Questions
Can Ethereum Break Its 52-Week High? Yes, Ethereum is on track to break its 52-week high. The next resistance level is $4,100, and it has the potential to reach $5,000.
What is the current price of Ethereum? Ethereum is trading at $3,899.58, up 1.35% on the day and 8.80% over the past seven days.
What is the key support level for Ethereum? The critical support level is $3,750, which is expected to ease any supply pressure and maintain the upward momentum.
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