Ethereum

Bitcoin

Rise

The Ethereum coin price has <a href="https://coingape.com/markets/ethereum-price-prediction-as-open-interest-hits-8b-3500-coming-in-december/">steadily recovered</a> since the beginning of December. Starting the month at $20246, the coin price surged to a current high of $2403, registering a 15% growth. Amid this rally, the coin price gave a decisive breakout from the resistance trendline of a long-coming wedge pattern, indicating the potential for higher recovery. 
Also Read: <a href="https://coingape.com/ethereum-l2-starknet-earmarks-1-8b-strk-for-its-mega-airdrop/">Ethereum L2 Starknet Earmarks 1.8B STRK for its Mega Airdrop</a> 
<h2 id="b-will-the-eth-price-rise-to-3400-b">Will the ETH Price Rise to $3400?</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">The current uncertainty in Ethereum price could trigger a minor fallback to the $2250 mark.</li> 
 <li style="font-weight: 400;" aria-level="1">The ETH price could obtain suitable support at $2250 and $2130 marks.</li> 
 <li style="font-weight: 400;" aria-level="1">The intraday trading volume in Ether is $7.3 Billion, indicating a 34% loss</li> 
</ul> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/v/VALQEVDn.png" alt="Ethereum Price" width="1946" height="1104">
 <figcaption class="wp-caption-text">
 Ethereum Price | TradingView Chart
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</figure> 
The <a href="https://coingape.com/price/ethereum/">Ethereum price</a> recovery began in mid-October, starting with a rebound from the $1525 level. This turnaround led to a significant 58.3% increase in its value, bringing it to the current trading price of $2404.&nbsp; 
<blockquote>
 This upward trajectory has been largely influenced by general market optimism and the formation of a rising wedge pattern. Throughout the year, under this pattern’s guidance, the ETH coin has maintained a slow yet steady uptrend.&nbsp;
</blockquote> 
A notable event in this rally occurred on December 30th, when the coin’s price broke through the upper trendline of the pattern, signaling a readiness for a more dynamic rally and presenting an entry point for buyers. With an intraday gain of 0.51%, the coin price might revisit the breached trendline to confirm its sustainability.&nbsp; 
Riding on this pattern, the ETH price could potentially see a 51% surge, aiming for the $3400 mark 
<h2 id="b-eth-vs-btc-performance-b">ETH vs BTC Performance&nbsp;</h2> 
<figure id="attachment_168590" aria-describedby="caption-attachment-168590" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="wp-image-168590 size-full" src="https://cdn.coingape.com/wp-content/uploads/2023/12/10230654/image_2023-12-10_23-02-15-e1702229834513.png" alt="ETH vs BTC" width="1200" height="675">
 <figcaption id="caption-attachment-168590" class="wp-caption-text">
 Source- Ethereum price vs Bitcoin price
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</figure> 
The leading cryptocurrency, Bitcoin and Ethereum, has shown substantial growth in the past two months, reinforcing a recovery trend in the cryptocurrency market. However, there’s a distinct difference in their price behaviors: the BTC price has shown a steady increase, while the Ethereum price has been more volatile, with occasional drops. This difference suggests that Bitcoin might offer a more reliable breakout opportunity, whereas the ETH price could be more effectively traded using pullback strategies. 
<ul> 
 <li aria-level="1">Bollinger Band: An upswing in the upper boundary of the <a href="https://coingape.com/education/bollinger-band/">Bollinger Band indicator</a> reflects the buyers leading this current rally.</li> 
 <li aria-level="1">Average Directional Index: the ADX slope at a 40 % high reflects that the ETH price may need a temporary correction to continue the bullish trend.</li> 
</ul> 
The post <a rel="nofollow" href="https://coingape.com/markets/is-ethereum-price-ready-to-hit-3000/">Is Ethereum Price Ready to Hit $3000? Chart Pattern Provides Insight</a> appeared first on <a rel="nofollow" href="https://coingape.com">CoinGape</a>.

Is Ethereum Price Ready to Hit $3000? Chart Pattern Provides Insight

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