Ethereum Price Prediction: Will ETH Reclaim $4,000 Amid Market Volatility?

Ethereum price edges toward the $3,600 support level, struggling against XRP’s rally. Technical indicators suggest a potential breakout to $4,000, but risks remain amid bearish sentiment.

The broader crypto market is abuzz with XRP’s recent rally, overtaking Solana and USDT in market capitalization. Meanwhile, Ethereum (ETH) faces challenges in sustaining its bullish momentum. With a 2.54% intraday dip, ETH hovers near the $3,600 psychological support level. As market cap teeters at $435 billion, the pressing question is: can Ethereum reverse its course and reclaim $4,000?

Ethereum Price Analysis

A closer look at Ethereum’s 4-hour chart reveals a broadening wedge pattern, signifying a rising channel with increasing volatility. While the bullish channel formed higher highs, ETH failed to breach the critical $3,750 resistance level. This triggered a bearish dome-shaped reversal, pushing ETH down to $3,615.

The intraday decline comes as ETH retreats from the R1 pivot resistance at $3,759. Currently, Ethereum is forming its fifth consecutive bearish candle in the 4-hour chart, inching closer to the nearest pivot support at $3,570.

Adding to the bearish sentiment, ETH has dipped below the 20-EMA on the 4-hour chart, signaling a short-term negative cycle.

Key Technical Indicators:

• Exponential Moving Average (EMA): ETH approaches the 50-EMA at $3,551, a critical support level. The dynamic EMA lines remain in a bullish alignment, suggesting potential for a recovery.
• Volume: Declining trading volumes indicate waning bullish momentum, posing a challenge for ETH’s near-term recovery.

Will Ethereum Break $4,000?

The next 24 hours will be crucial for ETH’s trajectory. Key support at $3,550 must hold to avoid a further drop. A rebound from the support trendline could trigger a V-shaped recovery, retesting the $3,759 resistance level.

If bullish sentiment strengthens during U.S. trading hours, ETH could breach $3,750, setting sights on the $4,064 mark. However, a sideways shift or continued bearish sentiment might push ETH down to the $3,382 level.

Ethereum’s ability to surpass $4,000 hinges on broader market recovery and renewed investor interest. With trading volume currently subdued, ETH bulls face an uphill battle.

Conclusion:

While Ethereum shows potential for a breakout, the current bearish trend underscores the need for caution. Support levels near $3,550 and trading volumes in the coming hours will determine whether ETH can reclaim $4,000 or succumb to further downside pressure.

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