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Sohrab Khawas
Sohrab Khawas
Author
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 05, 2024 05:51 UTC
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Ethereum Price Prediction (Dec 5th 2024)
Rising Channel Breakout: Ethereum's price is forming a rising channel pattern, breaking crucial resistance at $3,700 and suggesting further upside potential.
Bullish Technical Indicators: MACD crossovers and positive alignment of the 20-day and 50-day EMAs strongly support the ongoing bullish trend.
Resistance-turned-Support at $3,750: The $3,750 level is critical for supporting Ethereum’s price action and preventing potential downside.
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.
Yes 
No 
