Ethereum

Bitcoin

<img width="1200" height="681" src="https://coingape.com/wp-content/uploads/2023/12/5ET6NTmR-e1701798794585.png" class="attachment-full size-full wp-post-image" alt="ETH Price" decoding="async" style="float:right; margin:0 0 10px 10px;">
The transition from November to December has brought a bullish wave to the crypto market, primarily driven by the Bitcoin price recovery. Ethereum (ETH), the second-largest cryptocurrency, has also gained momentum, particularly over the last week When the ETH price rebounded from the significant psychological level of $2,000. In the past six days, the <a href="https://coingape.com/markets/is-ethereum-price-rally-to-3000-a-realistic-december-target/">Ether value has increased</a> by approximately 11%, now trading around $2,251. Despite this positive trend, the buyers are currently confronting a long-standing resistance trendline, which poses the risk of a bearish reversal. 
Also Read: <a href="https://coingape.com/ethereum-breaks-above-2200-as-eth-open-interest-surges-above-8-bln/">Ethereum Breaks Above $2200 As ETH Open Interest Surges Above $8 Bln</a> 
<h2 id="b-is-eth-price-ready-for-3000-b">Is ETH Price Ready for $3000?</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">The upper boundary of the wedge pattern could stand as a strong supply pressure</li> 
 <li style="font-weight: 400;" aria-level="1">A bullish breakout from the wedge pattern would intensify the buying pressure for a rally past $3000.</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> 
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 <img decoding="async" src="https://s3.tradingview.com/snapshots/5/5ET6NTmR.png" alt="Ethereum Price Prediction" width="1946" height="1104">
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 Ethereum Price Prediction | TradingView Chart
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The ETH price has demonstrated an impressive recovery in the last two months, with its price soaring from a low of $1,522 to the current level of $2251, marking a 47.8% increase. This growth has been largely attributed to the anticipated approval of a <a href="https://coingape.com/bitcoin-etf-grayscale-ceo-is-optimistic-on-securing-approval/">Bitcoin spot ETF</a> and applications by large asset management firms for <a href="https://coingape.com/eth-price-jumps-2-5-analysts-expect-3500-amid-ethereum-etf-approval-soon/">Ethereum spot ETFs</a>.&nbsp; 
However, From a technical standpoint, this recovery can be viewed as a bullish swing within a wedge pattern carrying a modest recovery path for the past 19 months. Historical data suggests that when the <a href="https://coingape.com/price/ethereum/">Ethereum price</a> retests the upper trendline of this pattern, it often faces increased selling pressure, leading to a substantial correction back to the lower trendline.&nbsp; 
<blockquote>
 Should the current resistance level push the altcoin price below the new support level of $2,133, this could signal a shift in favor of sellers and potentially initiate a bearish reversal.&nbsp;
</blockquote> 
Conversely, a breakout above the wedge pattern could further accelerate the ETH recovery, potentially driving prices toward targets of $2,500 and then $3,000. 
<h2 id="b-eth-staked-realized-price-surpasses-2k-b">ETH Staked Realized Price Surpasses $2K</h2> 
<figure id="attachment_167860" aria-describedby="caption-attachment-167860" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="wp-image-167860 size-full" src="https://coingape.com/wp-content/uploads/2023/12/image_2023-12-05_23-14-42.png" alt="" width="1213" height="724" srcset="https://coingape.com/wp-content/uploads/2023/12/image_2023-12-05_23-14-42.png 1213w, https://coingape.com/wp-content/uploads/2023/12/image_2023-12-05_23-14-42-300x179.png 300w, https://coingape.com/wp-content/uploads/2023/12/image_2023-12-05_23-14-42-768x458.png 768w, https://coingape.com/wp-content/uploads/2023/12/image_2023-12-05_23-14-42-150x90.png 150w" sizes="(max-width: 1213px) 100vw, 1213px">
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 Source- CryptoQuant
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</figure> 
The Ethereum network recently witnessed a significant development as the average unit price of $ETH staked surged past $2,000. This milestone is particularly noteworthy as it represents a crucial support and resistance level for long-term investors. According to Julio, the Head of Research at <a rel="nofollow" href="https://cryptoquant.com/insights/quicktake/656dab2fca968d20e80a5d2a-Why-ETH-is-rising-from-an-onchain-perspective?utm_source=telegram&amp;utm_medium=sns&amp;utm_campaign=Quicktake&amp;utm_content=MAC_D">CryptoQuant</a>, this price point is pivotal because it reflects the average unit price for those committed to holding $ETH for extended periods. Surpassing the $2,000 mark indicates that most long-term investors are now in a profitable position. This shift is expected to solidify $2,000 as a key support level, potentially influencing future market dynamics and investor sentiment toward Ethereum 
<ul> 
 <li aria-level="1">Bollinger Band: An uptick in the upper boundary of the <a href="https://coingape.com/education/bollinger-band/">Bollinger Band indicator</a> reflects the buyers currently dominating this asset.</li> 
 <li aria-level="1">Average Directional Index: the ADX slope at a high of 34%, reflects the BTC price may witness minor pullbacks to replenish bullish momentum.</li> 
</ul> 
The post <a rel="nofollow" href="https://coingape.com/markets/ethereum-price-prediction-as-eth-exits-19-month-channel-3400/">Ethereum Price Prediction As $ETH Exits 19-Month Channel to Pursue $3400</a> appeared first on <a rel="nofollow" href="https://coingape.com">CoinGape</a>.

Ethereum Price Prediction As $ETH Exits 19-Month Channel to Pursue $3400

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