With the broader market paying attention to the XRP price rally as it crossed above the Solana and USDT in terms of market cap, the Ethereum price is struggling to sustain a bull run.
Further, the intraday drop of 2.54% brings the Ethereum price closer to the $3600 psychological support. With its market cap hinging at $435 billion, will Ethereum crash and lose to the XRP rally? Let’s find out in this Ethereum price prediction.
In the 4H chart, the ETH price action showcases a broadening wedge, showcasing a massive rising channel pattern at play. However, the higher-high formation in the bullish channel fails to surpass the critical resistance at $3,750, resulting in a bearish turnaround with a dome-shaped reversal.
The ETH price is now back at $3,615. The intraday pullback comes with a higher price action from the R1 pivot resistance level at $3,759. Currently, the Ethereum price is making its fifth consecutive bearish candle in the 4-hour chart and inching closer to the nearest pivot support at $3,570.
The bearish turnaround has broken under the 20-EMA in the 4-hour chart. Further, it has recorded an intraday pullback of 2.54%, the new negative cycle within the rising channel pattern.
EMA: The Ethereum Price is inching closer to the 50-EMA at $3,551. With the dynamic average lines in the 4-hour chart maintaining a positive trend in a bullish alignment, the altcoin is likely to prolong its bullish rally.
However, in the next 24 hours, the crucial support levels near $3,550 will play a massive role in determining the Ethereum Price trend. A bullish reversal from the rising support trendline will retest the $3,759 with a V-shaped recovery.
However, the trading volume and bullish sentiments must recover for this in the U.S. trading hours. In case of a sideways shift, a bearish outcome will likely retest the $3,382. If the broader market recovers, the $3,750 breakout rally will challenge the $4,064 mark, declaiming the $4K mark in the next 24 hours.
Will the bull run in ETH surpass $4,000 in 2024? Find out now in Coinpedia’s well-rounded ETH price prediction!
The immediate support is at $3,550, with $3,382 as the next level.
Ethereum must break the $3,750 resistance to aim for the $4,064 target.
A bullish reversal from $3,550 support could lead to a V-shaped recovery, retesting $3,750.
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