Ethereum (ETH) continues to hold its position as the second-largest cryptocurrency by market capitalization on CoinMarketCap, boasting a market capitalization of $372.7 billion. This consistent market standing highlights ETH's leadership and steady interest among investors.
ETH Tech Analysis
On the weekly time frame (TF), ETH shows signs of a long-term correction while remaining in a broader growth phase that began in March 2020. Starting from a low of $86, ETH witnessed remarkable growth, achieving an all-time high (ATH) of $4,868 in November 2021. Following this, the asset underwent an 81% correction, touching a low of $881.
On the daily chart, ETH’s recovery trajectory appears more measured, suggesting an ongoing accumulation phase. From its low of $881, ETH has developed an ascending trend channel, with the price steadily climbing within this range. Over the past months, ETH has tested the lower boundary of this channel six times, each time demonstrating a strong reaction, reinforcing the trend line's significance.
Since August 2024, ETH has been consolidating between $2,260 and $2,800. In November, ETH experienced a 44% surge within days, fueled by election-related news in the U.S., climbing from $2,380 to $3,440. This rally was accompanied by high trading volumes, hinting at the possible beginning of a new bullish trend.
Notably, ETH bypassed testing the $2,800 resistance and the Point of Control (POC) at $2,650, jumping directly to higher levels with strong daily candles. This indicates robust support at $2,800 and $2,650, levels where the price may eventually retrace.
ETH Price Prediction
Further growth for ETH is anticipated, potentially following a corrective phase. Short-term targets include $4,100 and the ATH of $4,880. Upon breaking its ATH, ETH will enter a price discovery phase, which could lead to impulsivegrowth.
Should ETH break above the upper boundary of the trend channel, it may accelerate its upward movement, targeting $8,000 and, in an optimistic scenario, surpassing $11,000.
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