Ethereum (ETH) at a Crossroads, Yet the Price Could Reach $3000 in the Next Few Months

Coinpedia
Coinpedia

30 Nov 2023 6:42 AM

Ethereum price loses its grip and slides down towards crucial support, raising concern over the upcoming rally...

  • The Ethereum price is facing resistance and is testing crucial diagonal support.
  • There are concerns over a potential drop towards lower support if the rebound fails.
  • The daily chart suggests a potential bounce from lower support within an ascending triangle.
  • The buying pressure is yet to accumulate, but a rebound before the day's close could lead to a bullish start to the month.
  • The competition between bullish and bearish forces may impact the upcoming monthly close.
  • Technical patterns, such as the bearish DMI and potential bearish crossover of +Di and -Di, raise concerns.
  • There is a possibility of a pullback below $2000, with a potential drop towards lower support below $1800.
  • However, the probability of a rebound remains higher, as Ethereum has been consolidating below $2200 for 1.5 years without a weekly close above these levels.
  • Analyst Altcoin Sherpa believes the Ethereum price could reach $3000 in the next few months.
  • The Ethereum price is expected to trade within an ascending triangle until it reaches the apex, with a potential bullish breakout beyond $2200 by the end of the first fortnight.

The sentiment in the article is mixed. There are concerns over the Ethereum price facing resistance and potential drops, but there is also optimism about a potential rebound and bullish breakout. The analyst prediction adds to the positive sentiment.

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