The recent XRP price rally has caught the attention of the broader market as it surpassed Solana and USDT in terms of market cap. On the other hand, Ethereum is facing challenges in sustaining a bull run, with a 2.54% intraday drop bringing the price closer to the $3600 psychological support level. With Ethereum’s market cap at $435 billion, there are concerns about whether it will crash and lose ground to the XRP rally. Let’s delve into this Ethereum price prediction.
Ethereum Price Analysis
Looking at the 4-hour chart, the ETH price action reveals a broadening wedge pattern, indicating a rising channel formation. However, despite forming higher highs within the bullish channel, Ethereum has struggled to break the critical resistance level at $3,750. This has led to a bearish reversal, with a dome-shaped pattern emerging.
The current ETH price is hovering around $3,615, with a pullback from the R1 pivot resistance level at $3,759. The ongoing bearish momentum is reflected in the fifth consecutive bearish candle on the 4-hour chart, inching closer to the nearest pivot support at $3,570. The breach under the 20-EMA signals a negative cycle within the rising channel pattern.
Technical Indicators:
The Ethereum price is approaching the 50-EMA at $3,551 in the 4-hour chart. Despite this, the dynamic average lines are maintaining a positive trend in a bullish alignment, suggesting a potential continuation of the bullish rally.
Will Ethereum Price Hit $4,000?
Over the next 24 hours, the support levels around $3,550 will be crucial in determining Ethereum’s price trajectory. A bullish reversal from the rising support trendline could lead to a retest of $3,759 with a V-shaped recovery. However, this scenario hinges on a recovery in trading volume and bullish sentiments during U.S. trading hours.
In the event of a sideways movement, a bearish outcome may test the $3,382 level. On the other hand, if the broader market experiences a rebound, a breakout above $3,750 could pave the way for a challenge towards the $4,064 target, potentially breaching the $4,000 mark in the next 24 hours.
Looking ahead, the question remains: Will the bullish momentum in ETH propel it past $4,000 in 2024? For more insights and detailed Ethereum price predictions, stay tuned to Coinpedia.
FAQs
What is Ethereum’s immediate support level?
The immediate support level for Ethereum is at $3,550, with $3,382 serving as the next key support level.
What is the key resistance Ethereum must break?
Ethereum needs to surpass the $3,750 resistance level in order to target the $4,064 mark.
Will Ethereum recover its bullish trend?
A bullish reversal from the $3,550 support level could lead to a V-shaped recovery, potentially retesting the $3,750 resistance level.