The post Ethereum Price Prediction (Dec 4th 2024) appeared first on Coinpedia Fintech News
As the Bitcoin whales maintain a wait-and-watch strategy and the BTC price falls near the $96,000 mark, Ethereum is making a bullish comeback. With an intraday surge, the Ethereum ETFs are showcasing positive trends, driving institutional demand.
Will this price rally result in a breakout run beyond the $4,000 mark for Ethereum? Let’s find out in this Ethereum price prediction.
Ethereum Price Analysis
In the 4-hour chart, the Ethereum Price action showcases the rising trend, creating a wedge pattern. Currently, the ETH price trend showcases a bullish turnaround within the rising wedge pattern.
Tradingview
Starting with the Morning Star pattern at the 50-EMA line, the Ethereum Price action shows four consecutive bullish candles. This has resulted in a price jump of 4.83% from the 24-hour low of $3,503.
With the bullish turnaround, the broader market anticipates a breakout rally ahead to reach the $4,000 mark this week.
Technical Indicators:
MACD: Supporting the chances of a breakout rally, the MACD and Signal lines in the 4-hour chart are preparing for a bullish crossover. This marks an underlying shift in the Ethereum Price trend and increases the breakout chances.
Ethereum Spot ETFs Net $67.36M on December 3
On December 3, the U.S.-based Ethereum spot ETFs registered a total daily net inflow of $67.36 million. Leading the bullish pack, Fidelity’s FETH listed on CBOE had a net inflow of $73.72 million.
Most ETFs registered a daily net inflow, but Grayscale’s Ethereum Trust reported an outflow of $6.37 million. The data from BlackRock’s Ethereum ETF has yet to be updated. Blackrock’s ETHA might resonate with Fidelity’s net inflow and surpass the $100 million mark.
Will ETH Price Hit $4,000?
Using the trend-based Fibonacci levels, the bullish turnaround dominates above the 50% Fibonacci level at $3,614. Currently, the Ethereum Price is at $3,675 and is taking off from the support trend line.
Based on the Fibonacci levels, the overhead resistance trend line breakout will immediately challenge the 78.6% Fibonacci level at $4,009. Beyond this, the price target is stacked at $4,332.
Will the bull run in ETH surpass $5,000? Find out now in Coinpedia’s well-rounded ETH price prediction!
FAQs
What is driving Ethereum’s recent price surge?
Ethereum’s rally is fueled by strong ETF inflows, positive technical indicators, and a bullish turnaround within a rising wedge pattern.
What are the key resistance levels for Ethereum?
Ethereum faces key resistance at the 78.6% Fibonacci level at $4,009, with the next target at $4,332 if a breakout occurs.
How are Ethereum ETFs impacting the price?
U.S.-based Ethereum ETFs registered $67.36M in inflows, led by Fidelity’s $73.72M, signaling growing institutional demand and boosting ETH’s price momentum.
