Ethereum

ETH could break out of the current pattern and climb to $ 4,000

ETH is slowly approaching the upper limit of the descending wedge. Can it explode?

  • Major support levels: $ 3,600, $ 3,300
  • Major Resistance Levels: $ 3,800, $ 4,000
ETH has moved sideways within a falling wedge (marked in blue in the chart).

Price is moving towards the resistance line of the wedge, which is currently $ 3,850. If the ETH gains momentum here, the cops have a chance to break out. Failure will bring the price back up to the $ 3,600 or even $ 3,300 support if the correction continues.

USDT daily chart | Source: TradingView

Technical indicators

Volume: Trading volume remains low. However, ETH seems to be preparing for a big step.

RSI: The daily RSI is rising again, showing that buyer momentum is picking up. As long as this continues, the bulls will make one more attempt to break out of the important resistance level.

MACD: The daily MACD is very close to forming a bullish cross. This is exactly what ETH needs in order to be able to break through the falling wedge when the momentum picks up. The bullish divergence on the MACD histogram is also an early sign that this could happen.

 USDT daily chart | Source: TradingView

Perspectives

The outlook for ETH is neutral. Breaking over the wedge will give the bulls the advantage in the short term.

Short term price forecast

The cops are returning and it looks like they’re making one more attempt to break the wedge. If successful, it could trigger a rally to $ 4,000 that has historically challenged resistance.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Best Cryptos to Invest in December 2024: Qubetics Surges Past $2.6M as Solana Records Big Whale Pump and Polkadot Aims for $6

Best Cryptos to Invest in December 2024: Qubetics surges past $2.6M, Solana’s whale pump ignites…

1 hour ago

Bitcoin Trader Turned $100M in His 20s—Now Reveals 5 Altcoins to Build a $50M Portfolio, With Memecoins Leading the Way!

As Bitcoin reaches unprecedented heights and the market surges, he's highlighting five altcoins poised for…

3 hours ago

Which Crypto Will Explode in the 2024-2025 Bull Run?

With the crypto market reaching new peaks, many are eager to discover digital currencies poised…

3 hours ago

Dogecoin and Shiba Inu Approach $1, but All Eyes Are on XYZVerse’s Push to $10!

XYZVerse, blending sports passion with meme energy, is set to make a significant impact, uniting…

3 hours ago

Will Bitcoin Crash or Soar Past $105K in 2024?

Will Bitcoin Crash?" seems to be one of the most controversial questions, as the price…

4 hours ago

The Best Crypto for Passive Income? 10% Weekly Gains and 20% Final Surge—Qubetics Mirrors Cosmos’ Early Success!

There’s always that one coin people wish they hadn’t overlooked. For many, Cosmos ($ATOM) is…

5 hours ago

This website uses cookies.