As Bitcoin remains stagnant at nearly $96k, the bullish trend in the Ethereum $ETH 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.

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.

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