Ethereum Price Prediction (Dec 6th 2024)
In terms of broader metrics, Ethereum’s market cap is currently valued at $469.67 billion, up an impressive 50.30% over the past 30 days. Additionally, its 24-hour trading volume stood at $53.59 billion, reflecting strong market activity.
Will the rise in ETH demand hit a new 52-week high this week? Let’s take a look.
Ethereum Price Analysis
On the 4-hour chart, Ethereum’s price action reveals an ascending channel pattern, indicating a bullish trend. Within this channel, ETH price has managed to break above the important resistance level of $3,900 and is currently trading at $3,899.58.
Fueled by seven consecutive bullish green candles, Ethereum saw a stunning surge of around 10% after bouncing off the local support trendline and the 50-EMA line.
However, the current 4-hour candle shows two doji patterns, indicating that the price is hesitant to expand its range. Additionally, it shows a reversal following a retest of the recently broken supply zone.
This retest of the reversal began with a morning star pattern that pushed the price to a peak of $3,914, forming a bullish engulfing candle. Ethereum has gained 1.35% in the past 24 hours and has gained 8.80% in 7 days, highlighting the continued bullish sentiment.
Ethereum Technology and Price Targets
The MACD indicator avoided a bearish crossover, accompanied by a resurgence of positive histograms, supporting the ongoing bullish trend. Additionally, the 20-day and 50-day moving averages maintain a positive trend and act as dynamic support.
Ethereum is poised to break above the current 52-week high and approach an overhead resistance trendline near $4,100. Conversely, the recently flipped resistance area at $3,750 is expected to ease any potential supply pressure.
Will the ETH bull market break through $5,000? Learn more now on Coinpedia ETH price prediction!
FAQ
- Can Ethereum Break Above its 52-Week High?
Yes, Ethereum is poised to break above its 52-week high. The next resistance level is $4,100, with the potential to reach $5,000. - What is the current price of Ethereum?
Ethereum is trading at $3,899.58, up 1.35% intraday and up 8.80% over the past seven days. - What are the key support levels for Ethereum?
The key support is at $3,750, which is expected to ease supply pressure and sustain the bullish momentum.
