- Ethereum price has surged by 42% in the past 3 weeks.
- ETH price has triggered a pullback and has dominated the resistance zone.
Ethereum (ETH) price has been bullish, gaining around 42% in the last 3 weeks. The current market sentiment is bullish, and all the cryptocurrencies have shown significant gains. Amid this bull run, the Ethereum price has reached the considerable resistance territory of $3,350.
The price has triggered a bullish pullback and has shown a short-term accumulation phase near the $3,350 level. Moreover, the ETH price has shaped a bullish, engulfing candlestick pattern on a daily time frame. This could play a crucial role in the further bullish momentum.
Could the ETH Price Hit the $4K Mark In December?
The Ethereum price was trading at $3,416.00 at press time, up 2.23% over the past 24 hours. Its market value was $410.87 Billion, and the 24-hour trading volume was $39.83 Billion.
Recently, the price took support on the 20-day EMA and has received buying pressure. However, the ETH price has been wandering in the supply zone but looks strong. A slight bullish spike could initiate a bullish rally.
Suppose the chart structure forms a bullish marubozu candlestick after this bullish engulfing; buyers may dominate. Buyers might be attracted if the price departs from this zone, and a massive bull run can be initiated.
Sellers might show faith in this supply zone if the digital asset price fails to dominate this territory. A selling signal could be generated once the price loses the 20-day rate. Here, the investors may prefer to book profit, which could lead to massive selling.
Based on the technical indicators, the ETH price was trading over crucial moving averages. That showcased the bull’s grip. The MACD and the Signal line were over the Zero line. The histograms have remained green despite the consolidation phase indicating buyers’ domination.
Can We See a Parabolic Bullish Trend In ETH Crypto Ahead?
Coinvo, a crypto analyst, claimed that the ETH crypto has the potential for a bullish rally. His price analysis suggested that the ETH price has been wandering in a supply zone. Generally, sellers dominate in the supply zone, and selling opportunity is seen.
If bulls manage to overcome this hurdle, buying momentum can be seen. Suppose bulls manage to smash this territory with significant bullish momentum; a parabolic bullish trend can be anticipated.
Ethereum Price Prediction Based on Chart Structure
The recent Ethereum price movement suggested a strong bullish sentiment. That was particularly noticeable with its significant gain of 42% over the past three weeks.
The bullish engulfing candlestick pattern formation near the resistance level of $3,350 indicated the potential for further upward momentum. ETH crypto may maintain its position above key support levels like the 20-day EMA and showcase a subsequent bullish marubozu candlestick
To this happen, the price could rally toward the $4,000 mark in December. However, caution is warranted. A correction may occur if sellers regain control and the price dips below the critical support.
This could prompt investors to take profits. Overall, the current technical indicators favor the bulls. Despite this, market participants should remain vigilant to changing dynamics.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
