ETH has climbed by nearly 4% in the past 24 hours as the crypto market bounced strongly following a positive inflation report in the United States. Does this favor a bullish Ethereum price prediction that sees the token breaking past $3,200 before Christmas?
Trading volumes increased by 42% during this period, currently accounting for 10% of the token’s circulating market cap, meaning that the buying pressure has increased significantly.
Crypto trader Ted Pillows, whose X account is followed by more than 250,000 users on X, sees the price of ETH rising past $3,200 as long as the $2,700 – $2,800 support holds.
The market’s mood continues to be sour as the Fear and Greed Index currently sits at 21. This indicates that investors are fearful as volatility has spiked in the past few weeks.
Nonetheless, long-term short-term readings seem to show that the sell-off has already gone too far, possibly favoring a bullish Ethereum price prediction for the next few weeks.
Ethereum Price Prediction: ETH Hits Key Trend Line Support – Can It Break It?
The 4-hour price chart for Ethereum shows that the token recently bounced strongly off the $2,800 level and rapidly climbed to retest the upper bound of a descending price channel that has been forming for weeks.
In this lower time frame, the Relative Strength Index (RSI) has hit oversold territory already. The last two times this happened, the price rallied strongly and surpassed the $3,000 level shortly afterward.
If this pattern repeats, we could see ETH breaking past the $3,000 level in the next couple of days. The first stop could be around $3,050 for a confirmed trend reversal, followed by a strong push to $3,400. This implies a 15% upside potential based on where ETH is trading today.
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