Ethereum

bullish

Daily

<p>Ethereum’s price shows signs of strength, with a slight rebound after retesting the $3.5K support level. While the price is poised to challenge the $4K resistance soon, periodic consolidations within the $3.5K to $4K range are likely as the market digests recent gains.</p>
<h1 id="ethereum-price-analysis">Ethereum Price Analysis</h1>
<p>By <a href="https://www.linkedin.com/in/shayan-navabi-522107248/" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">Shayan</a></p>
<h2 id="the-daily-chart">The Daily Chart</h2>
<p>Ethereum’s upward trajectory has faced a pause after an impressive surge above the $3.5K resistance level. This breakout was a significant milestone, but the subsequent loss of bullish momentum led to a consolidation period, returning to the $3.5K mark.</p>
<p>This pullback has triggered renewed buying interest, leading to a slight rebound that demonstrates the market’s intention to sustain its upward movement.</p>
<p>However, the bearish divergence in the RSI indicator suggests a weakening bullish momentum. It indicates that Ethereum might face a mid-term consolidation correction phase before resuming its climb. As the price progresses toward the $4K psychological resistance, periods of reduced volatility and retracements are expected.</p>
<figure id="attachment_372924" aria-describedby="caption-attachment-372924" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/11/ETH-D-8-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"></a>
 <figcaption id="caption-attachment-372924" class="wp-caption-text">
  Source: TradingView
 </figcaption>
</figure>
<h2 id="the-4-hour-chart">The 4-Hour Chart</h2>
<p>During the 4-hour timeframe, Ethereum’s bullish strength remains evident, with its breakout above the ascending wedge pattern and the critical $3.5K resistance level.</p>
<p>The price’s pullback to this region and subsequent rebound confirm the continuation of the uptrend toward the $4K mark in the mid-term.</p>
<p>However, the bearish divergence between the price and the RSI indicator on the 4-hour chart suggests increasing seller activity and waning bullish momentum.</p>
<p>This scenario implies that while the price will likely move toward the $4K mark, it may face periods of sideways trading and minor corrections within the $3.5K-$4K range. Such movements would allow the market to consolidate before another impulsive move.</p>
<figure id="attachment_372923" aria-describedby="caption-attachment-372923" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/11/ETH-4H-8-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="wp-image-372923 size-full" src="https://cryptopotato.com/wp-content/uploads/2024/11/ETH-4H-8-scaled.jpg" alt="eth_price_chart_0112242" width="2560" height="1307" srcset="https://cryptopotato.com/wp-content/uploads/2024/11/ETH-4H-8-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2024/11/ETH-4H-8-300x153.jpg 300w, https://cryptopotato.com/wp-content/uploads/2024/11/ETH-4H-8-1024x523.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2024/11/ETH-4H-8-768x392.jpg 768w, https://cryptopotato.com/wp-content/uploads/2024/11/ETH-4H-8-1536x784.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2024/11/ETH-4H-8-2048x1046.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2024/11/ETH-4H-8-50x26.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 <figcaption id="caption-attachment-372923" class="wp-caption-text">
  Source: TradingView
 </figcaption>
</figure>
<h1 id="onchain-analysis">Onchain Analysis</h1>
<p>By <a href="https://www.linkedin.com/in/shayan-navabi-522107248/" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">Shayan</a></p>
<p>Ethereum’s price has rebounded at the critical $3.5K support level, maintaining its bullish trajectory. However, while price action indicates potential upward movement, the futures market metrics reveal an alarming divergence that could significantly influence market dynamics.</p>
<p>The open interest metric, which tracks the total number of open perpetual futures positions across all exchanges, has reached a new all-time high. This spike suggests unprecedented speculative activity in Ethereum’s derivatives market.</p>
<p>Interestingly, this surge in open interest is occurring without a corresponding new all-time high in Ethereum’s price.</p>
<p>This divergence raises concerns of increased volatility and substantial liquidation cascades. If the price faces a sudden downturn or consolidation, the overleveraged positions in the Futures market could trigger a wave of forced liquidations, leading to rapid price declines.</p>
<figure id="attachment_372925" aria-describedby="caption-attachment-372925" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/11/Ethereum-Open-Interest-All-Exchanges-All-Symbol-2-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="wp-image-372925 size-full" src="https://cryptopotato.com/wp-content/uploads/2024/11/Ethereum-Open-Interest-All-Exchanges-All-Symbol-2-scaled.jpg" alt="eth_oi_chart_0112241" width="2560" height="1440" srcset="https://cryptopotato.com/wp-content/uploads/2024/11/Ethereum-Open-Interest-All-Exchanges-All-Symbol-2-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2024/11/Ethereum-Open-Interest-All-Exchanges-All-Symbol-2-300x169.jpg 300w, https://cryptopotato.com/wp-content/uploads/2024/11/Ethereum-Open-Interest-All-Exchanges-All-Symbol-2-1024x576.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2024/11/Ethereum-Open-Interest-All-Exchanges-All-Symbol-2-768x432.jpg 768w, https://cryptopotato.com/wp-content/uploads/2024/11/Ethereum-Open-Interest-All-Exchanges-All-Symbol-2-1536x864.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2024/11/Ethereum-Open-Interest-All-Exchanges-All-Symbol-2-2048x1152.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2024/11/Ethereum-Open-Interest-All-Exchanges-All-Symbol-2-50x28.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 <figcaption id="caption-attachment-372925" class="wp-caption-text">
  Source: CryptoQuant
 </figcaption>
</figure>
<p>The post <a href="https://cryptopotato.com/ethereum-price-analysis-here-is-the-next-probable-target-for-eth/" rel="noopener noreferrer nofollow">Ethereum Price Analysis: Here is the Next Probable Target for ETH</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.</p>

Ethereum Price Analysis: Here is the Next Probable Target for ETH

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