Ethereum price prediction: Bulls fight to reclaim $3.4k, what’s next?

• The construction and momentum of ETH had been bearish on the every day chart.
• The dearth of shopping for stress over the previous month was a regarding sight.

Ethereum [ETH] has shaped an inverse head and shoulder sample within the 2-week timeframe. This was a strongly bullish signal for the upper timeframes. If the sample witnesses a bullish breakout, it may take the Ethereum price to $12,000.

The every day timeframe and decrease confirmed that sentiment was strongly bearish. The value has misplaced the short-term vary and fallen under the $3.4k help zone. Based mostly on the momentum, extra losses appeared seemingly.

Bearish construction and help failure

Supply: ETH/USDT on TradingView

The drop within the worth under $3,509 on the nineteenth of December signaled a bearish market shift on the every day charts. This was accompanied by an RSI drop under the impartial 50 mark. In the meantime, the OBV has been ranging over the previous two months.

These findings help the concept extra losses are imminent. The $3.4k former help zone has flipped to resistance. Moreover, the OBV didn’t present important good points within the second half of November.

The OBV shaped a spread from the 14th of November to the nineteenth of December. Throughout this era, Ethereum’s worth examined the $4k resistance from $3k and confronted rejection, retracing to $3.3k. This means a bearish pattern and a scarcity of shopping for stress.

The 4-hour chart marks key ranges for the Ethereum worth

Supply: ETH/USDT on TradingView

Highlighted in white had been the 2 quick ranges of help and resistance that ETH market contributors should be cautious of. The $3,555 and $3,101 would dictate the following worth transfer’s route.

Learn Ethereum’s [ETH] Price Prediction 2024-25

Within the decrease timeframes, the $3,314 stage served as help and will see a 3.4%-5.8% worth bounce. Nevertheless, this may not flip the every day timeframe bias bullish. An inflow of shopping for stress, absent up to now month, is required to revive bullish hopes.

Disclaimer: The knowledge offered doesn’t represent monetary, funding, buying and selling, or different sorts of recommendation and is solely the author’s opinion