The post Ethereum Price Prediction (Dec 3rd 2024) appeared first on Coinpedia Fintech News
As Bitcoin remains stagnant at nearly $96k, the bullish trend in the Ethereum price halts slightly above $3600. Struggling to pick up pace, the ETH price trend consolidates between 20 and 50 EMA lines in the 4-hour chart.
Based on the current price action, a breakout of either EMA line will determine the upcoming trend. Let’s find out more in this Ethereum price prediction.
Ethereum Price Analysis
On the 4-hour chart, ETH price action reveals a rising channel pattern. The support trendline is in confluence with the 100 EMA line of the 4-hour chart.
Despite the quick bullish movements in the rising channel, the ETH price failed to breach the critical resistance at $3,750. This has led to the ongoing bearish reversal characterized by a dome-shaped pattern.
Tradingview
The Ethereum Price had retraced to $3556 last night to test the 100 EMA line and the local support trendline. The price is currently preparing its bullish turnaround in the 4-hour chart. Further, the recovery run is now challenging the 20 EMA line.
Technical Indicators:
MACD: The MACD and signal lines are in a bearish alignment. However, the declining bearish histograms reflect the average line closing the gap and teasing a bullish crossover.
Ethereum Spot ETFs Net $24.23M on December 2
Ethereum spot ETFs recorded a total net inflow of $24.23 million on December 2, marking six consecutive days of positive inflows. BlackRock’s Ethereum ETF (ETHA) led the pack with a single-day net inflow of $55.92 million, followed by Fidelity’s ETF (FETH) with $19.9 million.
The total net asset value of Ethereum spot ETFs now stands at an impressive $11.13 billion, reflecting growing investor confidence and interest in Ethereum.
Will Ethereum Price Hit $4,000?
In the next 24 hours, the Ethereum Price trend faces a decisive moment near the $3,550 support level. A bounce from this level could ignite a sharp V-shaped recovery, targeting the $3,759 resistance and reigniting bullish momentum.
The U.S. trading session will play a pivotal role, with increased trading volumes and positive sentiment needed to fuel an uptrend. Conversely, failure to hold support could lower the Ethereum Price, potentially retesting $3,382 if sideways action persists.
However, a market-wide recovery could see the Ethereum Price break above $3,750. This will set the stage for a rally toward $4,064.
Will the bull run in ETH surpass $4,000 in 2024? Find out now in Coinpedia’s well-rounded ETH price prediction!
FAQs
1. What is the current critical support level for Ethereum?
The critical support level for Ethereum is at $3,550, aligning with the 100 EMA and the rising channel’s trendline.
2. What are the short-term resistance levels for Ethereum?
ETH faces immediate resistance at $3,750. A breakout here could lead to a rally toward $4,064.
3. How are ETFs influencing Ethereum’s price movement?
Ethereum spot ETFs recorded $24.23M in daily inflows, reflecting growing investor confidence and potentially boosting bullish momentum.
