Is Ethereum Price Rally to $3000 a Realistic December Target?
In November, the Ethereum (ETH) coin exhibited a sideways trend, oscillating between the horizontal levels of $2,143 and $1,910. This period of consolidation, while indicative of market uncertainty, may also be a phase for buyers to regroup and revitalize the previously waning bullish momentum. A notable breakout above the upper resistance level could potentially amplify buying activity and extend the ongoing recovery trend.
Also Read: Bitcoin & Ethereum Options Data Indicates Roadblock Ahead
Will ETH Price Hit $3000?
- A bullish breakout from the wedge pattern would set a directional uptrend
- The rising price could face intense supply around $2250.
- The intraday trading volume in Ether is $10.2 Billion, indicating a 78% gain.
Coinciding with the Bitcoin price ascent over the $38,000 mark, a renewed sense of optimism has begun to permeate the crypto market. Responding to this positive shift, the ETH price rebounded from the psychologically significant $2,000 mark, registering a 7.8% weekly increase to its current trading price of $2,153.
During this rally, the Ethereum price surpassed the immediate resistance of $2,133, suggesting that buyers are poised to drive the price even higher. Despite a modest intraday loss of 0.5%, a retest of this breached resistance could confirm its role as a new support level, underpinning the buyer’s ability to sustain higher price levels.
However, with only a 3.5% increase, the ETH price is approaching a significant resistance level formed by the wedge pattern. Historical trends indicate that this trendline has often led to increased selling pressure and notable price declines.
Therefore, a conclusive breakout above this barrier is crucial for confirming a more robust uptrend. Should the Ethereum price successfully navigate this challenge, its price could potentially soar by 50%, reaching around $3,400.
BTC vs ETH Performance
Long-term comparative analysis between Bitcoin and Ethereum reveals that both cryptocurrencies gained considerable momentum since mid-October. However, the Bitcoin price has demonstrated a more substantial recovery, characterized by a consistent pattern of higher highs and lows. On the other hand, the ETH price has faced some challenges, particularly noticeable supply pressure around the $2,200 mark.
- Bollinger band: The uptick in the Bollinger band indicator reflects that buyers are aggressive and ready to buy ETH at a higher price.
- Moving Average Convergence Divergence: a bullish crossover between the MACD(blue) and signal(orange) line, accentuates a recovery sentiment return in this asset.
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Sahil Mahadik
CoinGape
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