Ethereum

Convergence

Rally

Bitcoin

<img width="1200" height="681" src="https://coingape.com/wp-content/uploads/2023/12/ZLdFb5Iq-e1701627865729.png" class="attachment-full size-full wp-post-image" alt="ETH price" decoding="async" style="float:right; margin:0 0 10px 10px;">
In November, the Ethereum (ETH) coin exhibited a <a href="https://coingape.com/markets/ethereum-price-prediction-as-elliot-wave-theory-to-3400/">sideways trend</a>, oscillating between the horizontal levels of $2,143 and $1,910. This period of consolidation, while indicative of market uncertainty, may also be a phase for buyers to regroup and revitalize the previously waning bullish momentum. A notable breakout above the upper resistance level could potentially amplify buying activity and extend the ongoing recovery trend. 
Also Read: <a href="https://coingape.com/bitcoin-ethereum-options-data-indicates-roadblock-ahead/">Bitcoin &amp; Ethereum Options Data Indicates Roadblock Ahead</a> 
<h2 id="b-will-eth-price-hit-3000-b">Will ETH Price Hit $3000?</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">A bullish breakout from the wedge pattern would set a directional uptrend</li> 
 <li style="font-weight: 400;" aria-level="1">The rising price could face intense supply around $2250.</li> 
 <li style="font-weight: 400;" aria-level="1">The intraday trading volume in Ether is $10.2 Billion, indicating a 78% gain.</li> 
</ul> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/z/ZLdFb5Iq.png" alt="Ethereum Price" width="1946" height="1105">
 <figcaption class="wp-caption-text">
 Ethereum Price | TradingView Chart
 </figcaption>
</figure> 
Coinciding with the <a href="https://coingape.com/price/bitcoin/">Bitcoin price</a> ascent over the $38,000 mark, a renewed sense of optimism has begun to permeate the crypto market. Responding to this positive shift, the ETH price rebounded from the psychologically significant $2,000 mark, registering a 7.8% weekly increase to its current trading price of $2,153.&nbsp; 
<blockquote>
 During this rally, the <a href="https://coingape.com/price/ethereum/">Ethereum price</a> surpassed the immediate resistance of $2,133, suggesting that buyers are poised to drive the price even higher. Despite a modest intraday loss of 0.5%, a retest of this breached resistance could confirm its role as a new support level, underpinning the buyer’s ability to sustain higher price levels.&nbsp;
</blockquote> 
However, with only a 3.5% increase, the ETH price is approaching a significant resistance level formed by the wedge pattern. Historical trends indicate that this trendline has often led to increased selling pressure and notable price declines.&nbsp; 
Therefore, a conclusive breakout above this barrier is crucial for confirming a more robust uptrend. Should the Ethereum price successfully navigate this challenge, its price could potentially soar by 50%, reaching around $3,400. 
<h2 id="b-btc-vs-eth-performance-b">BTC vs ETH Performance</h2> 
<figure id="attachment_167475" aria-describedby="caption-attachment-167475" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="wp-image-167475 size-full" src="https://coingape.com/wp-content/uploads/2023/12/image_2023-12-03_23-46-21-e1701627767995.png" alt="ETH vs BTC" width="1200" height="675">
 <figcaption id="caption-attachment-167475" class="wp-caption-text">
 Coingape| Bitcoin Vs Ethereum Price
 </figcaption>
</figure> 
Long-term comparative analysis between Bitcoin and Ethereum reveals that both cryptocurrencies gained considerable momentum since mid-October. However, the Bitcoin price has demonstrated a more substantial recovery, characterized by a consistent pattern of higher highs and lows. On the other hand, the ETH price has faced some challenges, particularly noticeable supply pressure around the $2,200 mark. 
<ul> 
 <li aria-level="1">Bollinger band: The uptick in the <a href="https://coingape.com/education/bollinger-band/">Bollinger band indicator</a> reflects that buyers are aggressive and ready to buy ETH at a higher price.</li> 
 <li aria-level="1">Moving Average Convergence Divergence: a bullish crossover between the <a href="https://coingape.com/glossary/macd-moving-average-convergence-divergnece/">MACD</a>(blue) and signal(orange) line, accentuates a recovery sentiment return in this asset.</li> 
</ul> 
The post <a rel="nofollow" href="https://coingape.com/markets/is-ethereum-price-rally-to-3000-a-realistic-december-target/">Is Ethereum Price Rally to $3000 a Realistic December Target?</a> appeared first on <a rel="nofollow" href="https://coingape.com">CoinGape</a>.

Is Ethereum Price Rally to $3000 a Realistic December Target?

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