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Ethereum’s price shows signs of strength, with a slight rebound after retesting the $3.5K support level. While the price is poised to challenge the $4K resistance soon, periodic consolidations within the $3.5K to $4K range are likely as the market digests recent gains. By Shayan The Daily Chart Ethereum’s upward trajectory has faced a pause after an impressive surge above the $3.5K resistance level. This breakout was a significant milestone, but the subsequent loss of bullish momentum led to a consolidation period, returning to the $3.5K mark. This pullback has triggered renewed buying interest, leading to a slight rebound that demonstrates the market’s intention to sustain its upward movement. However, the bearish divergence in the RSI indicator suggests a weakening bullish momentum. It indicates that Ethereum might face a mid-term consolidation correction phase before resuming its climb. As the price progresses toward the $4K psychological resistance, periods of reduced volatility and retracements are expected. Source: TradingView The 4-Hour Chart During the 4-hour timeframe, Ethereum’s bullish strength remains evident, with its breakout above the ascending wedge pattern and the critical $3.5K resistance level. The price’s pullback to this region and subsequent rebound confirm the continuation of the uptrend toward the $4K mark in the mid-term. However, the bearish divergence between the price and the RSI indicator on the 4-hour chart suggests increasing seller activity and waning bullish momentum. This scenario implies that while the price will likely move toward the $4K mark, it may face periods of sideways trading and minor corrections within the $3.5K-$4K range. Such movements would allow the market to consolidate before another impulsive move. Source: TradingView By Shayan Ethereum’s price has rebounded at the critical $3.5K support level, maintaining its bullish trajectory. However, while price action indicates potential upward movement, the futures market metrics reveal an alarming…

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Filed under: News - @ December 1, 2024 11:19 am