The post Ethereum Price Prediction (Dec 5th 2024) appeared first on Coinpedia Fintech News
With Bitcoin’s price crossing above the $100,000 mark, it is currently trading at $103,213. This marks a 7.62% sell over the past 24 hours. Amid the increased bullish momentum in the crypto market, Ethereum’s price records a 4.18% jump to surpass the $3,800 barrier.
Currently, with a market cap of $461 million, the Ethereum price is trading at $3,829. Will this breakout rally result in a new 52-week high for Ethereum? Let’s find out.
Ethereum Price Analysis
In the 4-hour chart, the Ethereum price action showcases a rising channel pattern containing a bullish trend. Within the channel, the Ethereum price action showcases a breakout of crucial resistance at $3,700.
With 7 consecutive bullish candle streaks, the Ethereum price surged nearly 9% from the local support trendline and the 50-EMA line. The bullish turnaround started with the Morningstar pattern and peaked at $39.06.
However, with the Morningstar reversal, the current 4-hour candle showcases two doji formations. With an extended price range, the candles are retesting the broken supply zone. This increases the possibility of a post-retest bounceback to challenge the overhead resistance trendline.
Ethereum Technicals and Price Targets
Based on supporting the bullish trend at hand, the MACDs and signal lines have given a positive crossover with a boost in bullish histograms. Furthermore, the positive alignment of the 20-day and 50-day EMA are acting as dynamic support levels.
Hence, a bullish trend in Ethereum is likely to surpass its current 52-week high and challenge the overhead resistance trendline near $4100. On the flip side, the crucial resistance-turned-support zone at $3750 will likely absorb any surge in supply pressure.
Will the bull run in ETH surpass $5,000? Find out now in Coinpedia’s well-rounded ETH price prediction!
FAQs
Yes, Ethereum is on track to break its 52-week high. The next target is $4,100, but it faces major resistance there.
The key support level for Ethereum is $3,750. If the price drops, this zone should help hold the bullish trend intact.
Ethereum is trading at $3,829, showing strong momentum toward the $4,100 target.