Ethereum is rebounding strongly as BTC price drops to around $96,000 as Bitcoin whales maintain a wait-and-see strategy. Ethereum ETF shows positive trend driving institutional demand as it surges intraday.
Will this price surge lead Ethereum to break through the $4,000 mark? Let’s find out in our Ethereum price prediction.
Ethereum Price Analysis
In the 4-hour chart, Ethereum price action is showing an uptrend, forming a wedge pattern. Currently, ETH price trend is showing a bullish turn inside a rising wedge pattern.
Trading ideas
Ethereum price action showed four consecutive bullish candles starting with a morning star pattern at the 50-EMA line. This resulted in a 4.83% increase in the price from the 24-hour low of $3,503.
With the bullish momentum reversing, the market is expected to see a breakout rally towards the $4,000 mark this week.
Technical indicators:
MACD: The MACD and the signal line in the 4-hour chart are preparing for a bullish crossover, supporting the possibility of a breakout rally. This signals a potential shift in Ethereum’s price trend and increases the chances of a breakout.
On December 3, Ethereum spot ETFs had a net inflow of $67.36 million
On December 3, the U.S. Ethereum spot ETF had an average daily net inflow of $67.36 million, of which Fidelity’s FETH listed on CBOE led the way with an average daily net inflow of $73.72 million.
Most ETFs saw their daily net inflows peak, but Grayscale’s Ethereum Trust saw outflows of $6.37 million. Data for BlackRock’s Ethereum ETF has not yet been updated. BlackRock’s ETHA may resonate with Fidelity’s net inflows, breaking the $100 million mark.
Will ETH price reach $4,000?
Using the trend-based Fibonacci levels, a bullish turnaround is dominant above the 50% Fibonacci level at $3,614. Currently, Ethereum price is at $3,675 and is taking off from the support trendline.
According to the Fibonacci levels, a breakout of the overhead resistance trendline will immediately challenge the 78.6% Fibonacci level at $4,009. Beyond that, the price target is $4,332.