Ethereum (ETH) Price Prediction for December 29

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As of today, the price of Ethereum (ETH) is $3,406, up 1.86% from yesterday. Despite some price fluctuations, the price has remained relatively stable over the past week, with no significant ups or downs.

Short-term Price Trends (Hourly Chart Analysis)

Local Resistance: The price of ETH recently attempted to break through $3,409, but due to the failure to confirm the breakout, the price has rebounded in the short term.

Support Level: If ETH continues to decline, the support level of $3,375 may be tested. If the support holds, a rebound may occur; if the support is lost, further declines may follow.

Declining Volume: Volume has been continuously declining, indicating that both buyers and sellers in the market are on the sidelines, not ready to take control of the market. Therefore, significant price fluctuations are difficult to anticipate in the short term.

Medium-term Price Trends (Larger Time Frame Analysis)

Possibility of Sideways Consolidation: As ETH's price moves away from major support and resistance levels, market sentiment is relatively neutral. Based on the current trend, ETH is more likely to continue consolidating in the current price range.

Possibility of Price Reversal: Although this week may close on a bullish note, there are currently not enough signs to indicate a significant price reversal. In the short term, ETH prices may continue to oscillate in the range of $3,375 - $3,409.

Short-term: ETH's current trend is relatively stable, and it may oscillate in the range of $3,375 to $3,409. The market lacks a clear direction, and traders should remain cautious, waiting for clearer price trend signals.

Medium-term: If the close is near the current price, ETH may continue to consolidate until the market presents new catalysts to push the price beyond the current range of consolidation.

In the current market environment, traders may need to remain patient, waiting for larger market dynamics to determine the next course of action.

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