Ethereum Price Analysis: Will ETH Hit $4,000 in 2024?
As the XRP price rally gains attention in the broader market, surpassing Solana and USDT in terms of market cap, Ethereum is facing challenges sustaining a bull run. The recent intraday drop of 2.54% has brought the Ethereum price closer to the $3600 psychological support level, with its market cap hovering around $435 billion. The question on everyone’s mind is whether Ethereum will crash and lose ground to the XRP rally. Let’s delve into this Ethereum price prediction.
In the 4-hour chart, the ETH price action reveals a broadening wedge pattern, with a massive rising channel in play. Despite forming higher highs within the bullish channel, Ethereum has struggled to break past the critical resistance at $3,750, leading to a bearish reversal with a dome-shaped pattern.
Currently trading at $3,615, Ethereum is experiencing its fifth consecutive bearish candle in the 4-hour chart, edging closer to the nearest pivot support at $3,570. The recent pullback has broken below the 20-EMA in the 4-hour chart, signaling a negative cycle within the rising channel pattern.
Technical Indicators:
– EMA: The Ethereum price is nearing the 50-EMA at $3,551, with dynamic average lines maintaining a bullish alignment in the 4-hour chart. This suggests that Ethereum may continue its bullish rally.
Will Ethereum Price Hit $4,000?
In the next 24 hours, the crucial support levels near $3,550 will be pivotal in determining Ethereum’s price trend. A bullish reversal from the rising support trendline could lead to a retest of $3,759 with a V-shaped recovery. However, trading volume and bullish sentiments must pick up during U.S. trading hours for this scenario to unfold.
On the flip side, a sideways movement could result in a bearish retest of $3,382. If the broader market sentiment improves, a breakout rally above $3,750 could push Ethereum towards the $4,064 mark, potentially breaking the $4,000 barrier in the next 24 hours.
For a comprehensive Ethereum price prediction and analysis, stay tuned to Coinpedia for the latest updates.
FAQs:
1. What is Ethereum’s immediate support level?
– The immediate support is at $3,550, with $3,382 as the next level.
2. What is the key resistance Ethereum must break?
– Ethereum must surpass the $3,750 resistance level to target the $4,064 mark.
3. Will Ethereum recover its bullish trend?
– A bullish reversal from the $3,550 support level could lead to a V-shaped recovery, potentially retesting $3,750.