33.2 C
Delhi
Saturday, October 4, 2025
HomeBusinessRegulationWill $ETH Surpass $3000 in December?

Will $ETH Surpass $3000 in December?



Sahil Mahadik

Ethereum Price Prediction: The formation of a double bottom pattern could increase the selling pressure in ETH price and lead to a prolonged correction.

Published 8 hours ago

Ethereum Price Prediction: Throughout the major part of November, the Ethereum price remained within a sideways range, 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: Here’s Why CBDCs Could Outshine BTC, Ethereum, and Other Private Cryptos

Will $ETH Consolidation Lead to Massive Leap?

  • The overhead supply at $2133 assists sellers in developing a bearish reversal pattern called double bottom
  • The $1917 level aligned with the 32.8% Fibonacci retracement level creates a strong support zone.
  • The intraday trading volume in Ether is $10.5 Billion, indicating a 16% gain.
Ethereum Price PredictionEthereum Price Prediction
Ethereum Price Prediction | TradingView Chart

Amid the past two weeks’ consolidation, the Ethereum price 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. 

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. 

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%. 

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.

ETH Price Recovery to $3400

Over the past 20 months, the ETH price has experienced a shallow recovery within a rising wedge pattern. 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

  • Relative Strength Index (RSI): A sharp drop in the daily RSI slope suggests a bearish divergence with the Ethereum price, hinting at potential upcoming downturns.
  • Bollinger Bands: The converging boundaries of the Bollinger Bands indicate an uncertain market sentiment prevailing for Ethereum.

Share this article on:

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





➜ Source

RELATED ARTICLES

Most Popular

Recent Comments