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Sohrab Khawas
Sohrab Khawas
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Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Dec 04, 2024 05:51 UTC
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Ethereum Price Prediction (Dec 4th 2024)
Rising Wedge Formation: Ethereum is forming a rising wedge pattern, with a bullish turnaround supported by a Morning Star pattern at the 50-EMA.
Fibonacci Levels: ETH trades above the 50% Fibonacci level at $3,614, with immediate resistance at $4,009 and a higher target at $4,332.
MACD Crossover: A bullish MACD crossover in the 4-hour chart signals a potential trend shift, increasing the likelihood of a breakout rally.
As the Bitcoin whales maintain a wait-and-watch strategy and the BTC price falls near the $96,000 mark, Ethereum is making a bullish comeback. With an intraday surge, the Ethereum ETFs are showcasing positive trends, driving institutional demand.
Will this price rally result in a breakout run beyond the $4,000 mark for Ethereum? Let’s find out in this Ethereum price prediction.
Ethereum Price Analysis
In the 4-hour chart, the Ethereum Price action showcases the rising trend, creating a wedge pattern. Currently, the ETH price trend showcases a bullish turnaround within the rising wedge pattern.
Starting with the Morning Star pattern at the 50-EMA line, the Ethereum Price action shows four consecutive bullish candles. This has resulted in a price jump of 4.83% from the 24-hour low of $3,503.
With the bullish turnaround, the broader market anticipates a breakout rally ahead to reach the $4,000 mark this week.
Technical Indicators:
MACD: Supporting the chances of a breakout rally, the MACD and Signal lines in the 4-hour chart are preparing for a bullish crossover. This marks an underlying shift in the Ethereum Price trend and increases the breakout chances.
Ethereum Spot ETFs Net $67.36M on December 3
On December 3, the U.S.-based Ethereum spot ETFs registered a total daily net inflow of $67.36 million. Leading the bullish pack, Fidelity’s FETH listed on CBOE had a net inflow of $73.72 million.
Most ETFs registered a daily net inflow, but Grayscale’s Ethereum Trust reported an outflow of $6.37 million. The data from BlackRock’s Ethereum ETF has yet to be updated. Blackrock’s ETHA might resonate with Fidelity’s net inflow and surpass the $100 million mark.
Will ETH Price Hit $4,000?
Using the trend-based Fibonacci levels, the bullish turnaround dominates above the 50% Fibonacci level at $3,614. Currently, the Ethereum Price is at $3,675 and is taking off from the support trend line.
Based on the Fibonacci levels, the overhead resistance trend line breakout will immediately challenge the 78.6% Fibonacci level at $4,009. Beyond this, the price target is stacked at $4,332.
Will the bull run in ETH surpass $5,000? Find out now in Coinpedia’s well-rounded ETH price prediction!
FAQs
Ethereum’s rally is fueled by strong ETF inflows, positive technical indicators, and a bullish turnaround within a rising wedge pattern.
Ethereum faces key resistance at the 78.6% Fibonacci level at $4,009, with the next target at $4,332 if a breakout occurs.
U.S.-based Ethereum ETFs registered $67.36M in inflows, led by Fidelity’s $73.72M, signaling growing institutional demand and boosting ETH’s price momentum.
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