Ethereum (ETH), the largest altcoin in the cryptocurrency market, has set its sights on December. Following the breakthrough of the resistance level at $2,143, investor optimism has been rejuvenated. ETH, presenting an opportunity to extend the recovery trend to buyers with its recent move, could potentially reach the $3,000 target in December.
The cryptocurrency market, led by the market dominator Bitcoin, has left behind a volatile period and has generally gained stability. In November, the price of Ethereum (ETH) exhibited a sideways trend, much like other cryptocurrencies. Last month, ETH traded within a narrow range between $2,143 and $1,910. While this consolidation period may indicate market uncertainty, it could also be a stage for buyers to revive and regain the previously weakened upward momentum. If a significant breakout above the resistance level at the upper point of the channel occurs, bulls are likely to strengthen once again. The ongoing recovery trend could extend further, especially with an increase in buying activity.
Can Ethereum (ETH) rise to $3,000?
ETH, the leading altcoin, continues to target the critical threshold of $3,000 for investors. An upward breakout from the wedge formation on the chart will establish a directional bullish trend. However, the rising price may face significant resistance around $2,250 due to intense supply.
The intraday trading volume for Ethereum is $10.2 billion, indicating a notable 78% increase.
A renewed sense of optimism in the cryptocurrency market, coinciding with Bitcoin’s price surpassing the $38,000 level, has begun to manifest its effects. Responding to this positive shift, the ETH price reclaimed the psychologically significant $2,000 level. Following the breach of this level, it recorded a 7.8% increase, reaching the current price of $2,153.
During this upward movement, the Ethereum price surpassed the critical resistance level at $2,133. This breakout is crucial as it indicates buyers’ readiness to push the price higher. Despite a modest 0.5% loss in the last 24 hours, a retest of this broken resistance could confirm buyers’ ability to sustain higher price levels, establishing it as a new support point.
However, the ETH price is approaching a significant resistance point formed by the wedge formation with only a 3.5% increase. Historical trends show that this trendline often leads to increased selling pressure and notable price declines.
Therefore, a decisive breakout above this barrier is crucial for confirming a stronger bullish trend. If Ethereum successfully overcomes this challenge, the price could potentially surge by up to 50%, reaching $3,400. This highlights the importance of monitoring the price action around this critical resistance point as it could be a determining factor for the cryptocurrency’s short-term trajectory.