Ethereum (ETH) is currently trading at $3,125, reflecting a 2% increase over the past 24 hours. With a market cap of $376 billion, Ethereum holds the position of the second-largest cryptocurrency. Despite this bullish trend, Ethereum is undergoing a short-term correction, as technical indicators suggest a bearish retracement phase before any potential breakout.
Ethereum Price Analysis: Key Levels and Predictions
Ethereum’s price action shows resistance at the $3,447 level, preventing further upward momentum. The price has recently retraced to around $3,000, coinciding with a 38.2% Fibonacci retracement level. At present, Ethereum is consolidating at $3,125, with immediate resistance near $3,188. On the downside, key support is found at $2,770 (the 61.8% Fibonacci retracement level).
Technical Indicators to Watch:
- RSI: The Relative Strength Index (RSI) is currently at 62, indicating a bullish trend, but close to overbought conditions. This suggests that upward momentum may slow in the short term.
- 50-Day EMA: Ethereum’s 50-day Exponential Moving Average, located at $3,029, offers solid support, suggesting a stable price above this level.
Key Support and Resistance Zones for Ethereum
Ethereum could face further correction, with notable support levels at $2,899 (50% Fibonacci) and $2,770 (61.8% Fibonacci). The $2,770 level is particularly significant, having previously served as a triple-top resistance, now turned support. A rebound at this level could trigger renewed bullish momentum.
If Ethereum successfully breaks the $3,447 resistance, it may target $4,000 or higher.
Upcoming Pectra Upgrade: A Major Catalyst for Ethereum?
Ethereum’s long-term outlook is also supported by the anticipated Pectra Upgrade, which promises to enhance the network’s scalability, security, and usability. Analysts like AstroCryptoGuru forecast a potential rise to $4,000 due to the transformative impact of the upgrade.
Key Features of the Pectra Upgrade:
- Scalability Improvements: The upgrade will likely improve transaction throughput and reduce gas fees.
- Enhanced Security: Strengthened security protocols will guard against vulnerabilities within the Ethereum network.
- Developer and Institutional Growth: The upgrade is expected to attract more developers and institutional users, further driving Ethereum’s adoption.
Can Ethereum Reach $4,000?
Ethereum’s price direction largely depends on its ability to hold critical support levels and break key resistance zones. A drop to $2,770 could act as a strong support level, sparking a rebound. On the bullish side, a sustained breakout above $3,188 could lead Ethereum to test $3,447 and eventually $4,000.
Price Target Breakdown:
- Support Level: $2,770 is crucial, bolstered by the 61.8% Fibonacci retracement.
- Resistance Levels: Ethereum must surpass $3,188 and $3,447 before targeting the $4,000 range.
- Pectra Upgrade Impact: The upcoming upgrade is expected to significantly boost Ethereum’s adoption, further increasing its price potential.
Flockerz Presale Nears $2 Million: Final Chance for Early Investors
In addition to Ethereum’s growth, the Flockerz meme coin is creating waves in the crypto space. Flockerz is pioneering a vote-to-earn model, empowering its community via the Flocktopia DAO. With just over a day left before its presale price increases, Flockerz has already raised nearly $2 million, with a target of $2,131,271.
Flockerz Presale Highlights:
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- Final Opportunity: Investors can buy Flockerz at the current price before it rises.
This presents an excellent opportunity for those looking to enter one of Web3’s most exciting new projects. The presale allows purchases with ETH, BNB, USDT, or a credit card via the official Flockerz website.
The post Ethereum May Hit $4000 Before End of Year, Bullish Momentum Predictions appeared first on Cryptonews.
