Ethereum Price Prediction: Market Recovery Sets ETH Prices For 8.8% jump
Ethereum Price Prediction: The Ethereum(ETH) price ended a consolidation phase with a long bullish candle breakout from $1300. Thus, this breakout indicates the buyers are ready to resume the prior recovery. The altcoin is currently in a retest phase, trying to attain sustainability above the flipped support.
Key points:
- A High momentum breakout from the $1300 resistance indicates the buyers are confident in reaching a higher price
- The RSI indicator, which measures the speed and magnitude of an asset’s recent price movements, has surged into bullish territory.
- The intraday trading volume in Ether is $9.1 Billion, indicating an 85% gain.
Source- Tradingview
A recent V-shaped recovery from the $1080 support pushed the Ethereum prices to $1300 local resistance. However, with the increasing uncertainty in the crypto market, this altcoin struggled to surpass the mentioned resistance and went sideways for around two weeks. Thus, the daily chart showed a narrow range formation between the $1300 and $1240 levels.
Furthermore, the U.S. Bureau of Labor Statistics today released November’s Consumer Price Index (CPI) data of 7.1%, down from 7.7% in October. This less-than-expected CPI hinted at decreasing inflation and caused a price recovery in crypto markets.
As a result, the Ethereum price soars 3.5% and currently trades at the $1319 mark. The long bullish candle breached the $1300 monthly resistance, offering a suitable footing for buyers to lead prices higher.
Thus, if the prices show sustainability above $1300, the buyers may drive the altcoin 8% higher to revisit the $1420 mark.
On a contrary note, a daily candle closing below $1300 will undermine the bullish momentum and may extend the prevailing downtrend.
Technical Indicator
MACD: the rising MACD and signal lines indicate growth in underlying bullishness. Moreover, a potential crossover of these slopes above the neutral line will accelerate the bullish momentum.
EMAs: today’s price jump breached a dynamic resistance of 50-day EMA. However, if the coin witnessed a minor correction, this EMA could offer suitable support to resume price recovery.
Ethereum Coin Price Intraday Levels-
- Spot rate: $1229
- Trend: Bearish
- Volatility: Medium
- Resistance level- $1300 and $1420
- Support level- $1160 and $1100
- Polymarket Founder Shayne Coplan Teases Potential POLY Token After $2B ICE Deal
- FOMC Minutes Signal Fed Open to More Rate Cuts This Year, Bitcoin Bounces
- North Dakota To Issue ‘Roughrider’ Stablecoin Following Wyoming’s Footsteps
- Ethena Labs and Jupiter Partner to Launch JupUSD Stablecoin on Solana
- BlackRock’s Bitcoin ETF Leads ETFs With $3.5B Weekly Inflows as It Eyes $100B in AUM
- Bitcoin Price Prediction as US Govt. Shutdown Extends- What’s Next for BTC?
- Solana Price Megaphone Points to a Parabolic Move as SOL Treasuries Near $3B
- XRP Price Prediction Amid ETF Approval Roadblock as Analyst Warns of $2.72 Dip
- Binance Coin Price Prediction If It Surpasses Bitcoin Marketcap— Is $3000 Possible in 2025?
- ASTER vs HYPE Price Analysis – Which Perp DEX Token Looks Poised to Dominate Q4 Performance?
- Ethereum Price Could Soar to $6,500 as BlackRock’s ETF Nears $20B Milestone
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
