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

Table of Contents

CryptoPotato_News

Other articles published on Dec 1, 2024

Sheikh Musk (SHEMUSK) Solana Memecoin Will Explode 16,000% Before Exchange Listing, While Shiba I...

How does blockchain technology improve supply chain management?

Peanut the Squirrel Is Cute, But Analysts Are Eyeing BTFD Coin for 2024!

Bitcoin Mining Costs and Price Predictions: A Bullish Outlook

World Launches World ID Passport Credential Pilot to Expand Accessibility

Sheikh Musk (SHEMUSK) Solana Memecoin to Surge 16,000% Before Exchange Listing, While Shiba Inu a...

Join our free newsletter for daily crypto updates!