Ethereum Price Prediction (Dec 6th 2024)
Regarding broader metrics, Ethereum’s market cap is currently valued at $469.67 billion, with an impressive 50.30% gain over the last 30 days. Furthermore, its 24-hour trading volume is $53.59 billion, reflecting robust market activity.
Will the rising demand for ETH result in a new 52-week high this week? Let’s find out.
Ethereum Price Analysis
On the 4-hour chart, Ethereum’s price action reveals a rising channel pattern, indicating a bullish trend. Within this channel, ETH price has successfully broken through a significant resistance level of $3,900, with its current price at $3,899.58.
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Ethereum has witnessed a remarkable ~10% surge following a bounce from the local support trendline and the 50-EMA line, propelled by a bullish streak of seven consecutive green candles.
However, the current 4-hour candle displays two Doji formations, signaling indecision as the price extends its range. Further, it shows a post-retest reversal of the recently broken supply zone.
This retest reversal began with the Morning Star pattern, driving the price to a peak of $3,914, creating a bullish engulfing candle. Over the past 24 hours, Ethereum has gained 1.35%, with a 7-day increase of 8.80%, highlighting the ongoing bullish sentiment.
Ethereum Technicals and Price Targets
The MACD indicator has avoided a bearish crossover, accompanied by a resurgence of positive histograms, supporting the ongoing bullish trend. Additionally, the 20-day and 50-day EMAs are maintian a positive trend, acting as dynamic support levels.
Ethereum is poised to surpass its current 52-week high and approach the overhead resistance trendline near $4,100. Conversely, the recently flipped resistance-turned-support zone at $3,750 is expected to cushion any potential supply pressure.
Will the bull run in ETH surpass $5,000? Find out now in Coinpedia’s well-rounded ETH price prediction!
FAQs
Can Ethereum surpass its 52-week high?Yes, Ethereum is on track to surpass its 52-week high. The next resistance level is $4,100, and it has the potential to reach $5,000.What is Ethereum’s current price?Ethereum is trading at $3,899.58, up 1.35% intraday and 8.80% over the last seven days.What is Ethereum’s key support level?The critical support level is at $3,750, which is expected to cushion any supply pressure and sustain the bullish momentum.
