Ethereum

<img width="1200" height="681" src="https://coingape.com/wp-content/uploads/2023/11/GAq1z8hT-e1701277282483.png" class="attachment-full size-full wp-post-image" alt="ETH price" decoding="async" style="float:right; margin:0 0 10px 10px;">
Ethereum Price Prediction: Throughout the major part of November, the Ethereum price remained within a <a href="https://coingape.com/markets/ethereum-price-prediction-as-elliot-wave-theory-to-3400/">sideways range</a>, fluctuating between $2133 and $1917. Both of these horizontal levels were tested twice, signaling uncertainty among market participants. However, this consolidation has formed a bearish reversal pattern, suggesting a potential further downside for ETH. 
Also Read: <a href="https://coingape.com/here-why-cbdc-could-outshine-btc-ethereum-and-other-private-cryptos/">Here’s Why CBDCs Could Outshine BTC, Ethereum, and Other Private Cryptos</a> 
<h2 id="b-will-eth-consolidation-lead-to-massive-leap-b">Will $ETH Consolidation Lead to Massive Leap?</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">The overhead supply at $2133 assists sellers in developing a bearish reversal pattern called double bottom</li> 
 <li style="font-weight: 400;" aria-level="1">The $1917 level aligned with the 32.8% Fibonacci retracement level creates a strong support zone.</li> 
 <li style="font-weight: 400;" aria-level="1">The intraday trading volume in Ether is $10.5 Billion, indicating a 16% gain.</li> 
</ul> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/g/GAq1z8hT.png" alt="Ethereum Price Prediction" width="1946" height="1105">
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 Ethereum Price Prediction | TradingView Chart
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Amid the past two weeks’ consolidation, the <a href="https://coingape.com/price/ethereum/">Ethereum price</a> retreated twice from the $2133 resistance, indicating substantial overhead supply. These reversals have emphasized the emergence of a bullish reversal pattern known as a Double Bottom on the daily timeframe chart.&nbsp; 
Typically observed near market tops, this pattern signifies a decline in bullish momentum. At present, ETH trades at $2,025 and, with an intraday loss of 1.6%, is gradually approaching the neckline support at $1,970.&nbsp; 
<blockquote>
 A bearish breakdown below this neckline could intensify supply pressure, potentially causing ETH to drop to around the $1700 mark, marking a potential loss of 12%.&nbsp;
</blockquote> 
However, the recent price rejections around the psychological support of $2,000 suggest buyers are attempting to counter the bearish setup. If this buying pressure persists, the ETH price might rebound to challenge the last swing high at $2133 and the upper trendline of a longstanding wedge pattern. 
<h2 id="b-eth-price-recovery-to-3400-b">ETH Price Recovery to $3400</h2> 
Over the past 20 months, the ETH price has experienced a shallow recovery within a <a href="https://coingape.com/glossary/wedge-pattern/">rising wedge pattern</a>. Historically, the upper boundary of this trendline has resulted in increased supply pressure, leading to significant corrections. Therefore, the current upward movement towards this upper trendline necessitates a definitive breakout to confirm a bullish trend. A post-breakout rally could potentially drive prices up to $3400 
<ul> 
 <li aria-level="1">Relative Strength Index (RSI): A sharp drop in the daily <a href="https://coingape.com/glossary/rsi-relative-strength-index/">RSI slope</a> suggests a bearish divergence with the Ethereum price, hinting at potential upcoming downturns.</li> 
 <li aria-level="1">Bollinger Bands: The converging boundaries of the <a href="https://coingape.com/education/bollinger-band/">Bollinger Bands</a> indicate an uncertain market sentiment prevailing for Ethereum.</li> 
</ul> 
The post <a rel="nofollow" href="https://coingape.com/markets/ethereum-price-prediction-will-eth-surpass-3000/">Ethereum Price Prediction: Will $ETH Surpass $3000 in December?</a> appeared first on <a rel="nofollow" href="https://coingape.com">CoinGape</a>.

Ethereum Price Prediction: Will $ETH Surpass $3000 in December?

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