|

Ethereum Price Prediction: ETH aims for $3,000 but has to conquer this level first

  • Ethereum price remains trading inside a long-term ascending wedge pattern.
  • A 12-hour candlestick close above the key resistance trendline would be a  clear breakout. 
  • ETH aims to hit $3,000 in the long-term as it nears $2,000 for now.

Ethereum price is close to $2,000 for the first time ever as Bitcoin price just surpassed $55,000. The digital asset is still underperforming compared to most cryptocurrencies, but there is still hope for the bulls if they can conquer a critical resistance level.

Ethereum price needs a candlestick close above a critical level

On the 12-hour chart, Ethereum has established an ascending wedge pattern and has been rejected from the upper trendline several times in the past two months. 

et hprice

ETH/USD 12-hour chart

A 12-hour candlestick close above this resistance trendline would confirm a breakout that would take Ehereum towards $3,000 after a 45% move calculated using the height of the pattern as a reference. 

eth price

ETH/USD 9-hour chart

However, on the 9-hour chart, the TD Sequential indicator has just presented a sell signal which has been reliable in the past. The next potential support level in case of a sell-off is located at $1,774, which more or less coincides with the lower trendline support of the ascending wedge pattern.   

Author

Lorenzo Stroe

Lorenzo Stroe

Independent Analyst

Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.

More from Lorenzo Stroe
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Solana Price Forecast: SOL consolidates as spot ETF inflows near $1 billion signal institutional dip-buying

Solana (SOL) price hovers above $131 at the time of writing on Monday, nearing the upper boundary of a falling wedge pattern, awaiting a decisive breakout.

Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC, ETH and XRP face pressure near key technical barriers

Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) hover around key levels on Monday after correcting slightly in the previous week. The top three cryptocurrencies by market capitalization could face increased downside risk as bearish momentum builds across key indicators.

Top Crypto Losers: DASH, SPX, PENGU – Privacy and meme coins lose ground

Altcoins, including Dash (DASH), SPX6900 (SPX), and Pudgy Penguins (PENGU), are leading losses as the broader cryptocurrency market remains cautious ahead of the macroeconomic data releases, such as the US Nonfarm payroll report, CPI data, and the Bank of Japan’s rate-hike decision.

Top 3 Price Prediction: BTC and ETH eyes breakout, XRP steadies at support

Bitcoin (BTC) and Ethereum (ETH) are nearing the key resistance levels at the time of writing on Friday, and a successful breakout could open the door for a fresh rally. Meanwhile, Ripple (XRP) is stabilizing around a crucial support zone, hinting at a potential rebound if buyers maintain control.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.