\nEthereum Price Prediction: The rising ETH price breaks the resistance trendline of the long-coming wedge pattern; is $3400 next target\t\t\t\t<\/p>\n
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\n <\/div>\n The transition from November to December has brought a bullish wave to the crypto market, primarily driven by the Bitcoin price recovery. Ethereum (ETH), the second-largest cryptocurrency, has also gained momentum, particularly over the last week When the ETH price rebounded from the significant psychological level of $2,000. In the past six days, the Ether value has increased<\/a> by approximately 11%, now trading around $2,251. Despite this positive trend, the buyers are currently confronting a long-standing resistance trendline, which poses the risk of a bearish reversal.<\/span><\/p>\n <\/p>\n Also Read: Ethereum Breaks Above $2200 As ETH Open Interest Surges Above $8 Bln<\/a><\/p>\n The ETH price has demonstrated an impressive recovery in the last two months, with its price soaring from a low of $1,522 to the current level of $2251, marking a 47.8% increase. This growth has been largely attributed to the anticipated approval of a Bitcoin spot ETF<\/a> and applications by large asset management firms for Ethereum spot ETFs<\/a>.\u00a0<\/span><\/p>\n <\/p>\n However, From a technical standpoint, this recovery can be viewed as a bullish swing within a wedge pattern carrying a modest recovery path for the past 19 months. Historical data suggests that when the Ethereum price<\/a> retests the upper trendline of this pattern, it often faces increased selling pressure, leading to a substantial correction back to the lower trendline.\u00a0<\/span><\/p>\n Should the current resistance level push the altcoin price below the new support level of $2,133, this could signal a shift in favor of sellers and potentially initiate a bearish reversal.\u00a0<\/span><\/p>\n<\/blockquote>\n Conversely, a breakout above the wedge pattern could further accelerate the ETH recovery, potentially driving prices toward targets of $2,500 and then $3,000.<\/span><\/p>\n <\/p>\n The Ethereum network recently witnessed a significant development as the average unit price of $ETH staked surged past $2,000. This milestone is particularly noteworthy as it represents a crucial support and resistance level for long-term investors. According to Julio, the Head of Research at CryptoQuant<\/a>, this price point is pivotal because it reflects the average unit price for those committed to holding $ETH for extended periods. Surpassing the $2,000 mark indicates that most long-term investors are now in a profitable position. This shift is expected to solidify $2,000 as a key support level, potentially influencing future market dynamics and investor sentiment toward Ethereum<\/span><\/p>\n \n Share this article on:<\/p>\n 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 <\/p>\n<\/p><\/div>\n 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.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n <\/p><\/div>\n
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\n <\/span><\/div>\n<\/p><\/div>\nIs ETH Price Ready for $3000?<\/b><\/h2>\n
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ETH Staked Realized Price Surpasses $2K<\/b><\/h2>\n
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