Ethereum Price Prediction (Dec 2nd, 2024): Will ETH Break Through $4,000?
As the broader crypto market turns its attention to the XRP rally—following its rise above Solana and USDT in market cap—Ethereum (ETH) is facing challenges in maintaining a sustained bull run. The ETH price has recently dropped by 2.54%, pushing it closer to the psychological support level of $3,600. With its market capitalization standing at $435 billion, the question remains: will Ethereum struggle to hold its ground, or can it regain momentum amid the XRP surge? Let’s dive into this Ethereum price analysis to explore the potential path ahead.
Ethereum Price Analysis
On the 4-hour chart, Ethereum is exhibiting a broadening wedge pattern, which suggests a rising channel. However, despite forming higher highs within this bullish channel, ETH has failed to break through the critical resistance at $3,750. This inability to push past the resistance has triggered a bearish reversal, creating a dome-shaped pattern. As a result, Ethereum’s price has pulled back to around $3,615.
The recent price action shows Ethereum is forming its fifth consecutive bearish candle on the 4-hour chart, moving toward the pivot support level at $3,570. This drop comes after the price tested the R1 pivot resistance at $3,759, which marks the upper boundary of the bullish channel. Ethereum’s failure to break higher has triggered a pullback, breaking below the 20-EMA (Exponential Moving Average), signaling the potential for further downside in the short term.
Key Technical Indicators
EMA (Exponential Moving Averages): Ethereum’s price is nearing the 50-EMA at $3,551, which could act as a crucial support level in the short term. Despite the recent bearish momentum, the overall structure of the EMAs on the 4-hour chart remains in a bullish alignment. If the price rebounds from this level, ETH could extend its rally.
RSI and MACD: The Relative Strength Index (RSI) is approaching neutral levels, indicating that Ethereum is not yet oversold. Meanwhile, the MACD (Moving Average Convergence Divergence) is showing a slight bearish divergence, signaling that the momentum may be shifting towards a bearish phase in the immediate future.
Will Ethereum Reach $4,000?
Looking ahead, the critical support around $3,550 will play a pivotal role in determining the direction of ETH in the next 24 hours. If Ethereum can maintain support at this level, a bullish reversal could occur, potentially bringing the price back to test the resistance at $3,759. This could trigger a V-shaped recovery, pushing Ethereum back toward its higher range. However, the volume and overall sentiment in the market, especially during U.S. trading hours, will be crucial for any potential reversal.
In the case of a sideways or bearish trend, Ethereum may revisit the $3,382 level, a key support zone. A further downturn would likely weaken the bullish outlook, but if the broader market recovers, Ethereum could see a rally towards $3,750, with a breakout aiming for the $4,064 mark. Achieving this breakout would bring Ethereum closer to the psychological $4,000 level in the near term.
Ethereum Price Prediction: Will ETH Break $4,000 in 2024?
The path ahead for Ethereum largely depends on its ability to hold the $3,550 support level and regain bullish momentum. If ETH can recover and break through the $3,750 resistance, the next target will be the $4,000 mark. However, continued market volatility and competition from assets like XRP may pose challenges.
For the remainder of 2024, Ethereum’s ability to reclaim the $4,000 level will depend on several factors, including market sentiment, trading volumes, and broader cryptocurrency trends. Stay tuned for more updates and in-depth analysis on Ethereum’s price movements in Crypto Core News.
