December 29th Ethereum (ETH) Price Prediction

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According to the latest report from CoinMarketCap, bulls are struggling to reclaim the market on the last day of December, but market sentiment remains neutral for now. The price of Ethereum (ETH) has increased by 1.86% in the past 24 hours; however, the price fluctuations over the past seven days have shown almost no change, indicating market uncertainty.

Technical Analysis:

Short-term Price Trend:

On the hourly chart, Ethereum has broken through the local resistance level of $3,409, although this breakout may be a false breakout (a false breakout refers to the price breaking through short-term resistance but failing to maintain), and if the price continues to fall, the next target support level could be $3,375.

Current price fluctuations are small, and the trading volume continues to decline, indicating that the forces of buyers and sellers are almost balanced, with the market lacking a clear direction. Due to this, sharp price fluctuations are unlikely to be seen in the short term.

Mid-term Trend:

From a larger time frame perspective, Ethereum's performance is in a neutral range, with no significant upward or downward trend. Given that the current price is far from major support and resistance levels, the market may enter a sideways consolidation phase.

If this week's closing price is close to the current level, the probability of continued sideways consolidation is high. In this case, the price may continue to fluctuate between $3,375 and $3,409 until more clear market guidance appears.

Market Sentiment:

Currently, the declining trading volume in the market suggests that investors are cautious, and both bulls and bears are not ready to push the price higher or lower further. The market may need more catalysts (such as significant technical developments or market news) to break this deadlock.

Price Range:

Current Price: $3,406

Recent Support Level: $3,375

Recent Resistance Level: $3,409

In the short term, the ETH price may remain in sideways consolidation, and traders need to pay attention to the support level of $3,375 and the resistance level of $3,409. These two price levels will become key points for price fluctuations. If the price breaks below the support level, it may retreat further; if it breaks above the resistance level, it may open up further upside potential.

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