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Ethereum Price Prediction: Bulls Fight to Reclaim $3.4k, What’s Next?
In a recent analysis, the cryptocurrency market saw a surge in buying pressure, absent for over a month, which could potentially revive bullish hopes and spark a rebound. Ethereum’s [ETH] market has been dominated by bears lately, with a loss of short-term range and a subsequent fall below the crucial $3,400 support zone.
The technical analysis suggests that the momentum is strongly bearish on the daily chart, accompanied by an RSI drop below the neutral 50 mark. Furthermore, the OBV failed to demonstrate significant gains in the second half of November and instead formed a range from the 14th of November to the 19th of December. The absence of buying pressure during this period is worrisome for Ethereum’s price.
The $3,400 former support zone has flipped to resistance, indicating a lack of demand at higher levels. Moreover, the OBV did not show any notable gains in the second half of November, which indicates a bearish trend and a scarcity of buying pressure.
In the lower timeframes, two immediate levels have been highlighted as crucial for Ethereum’s price. These levels are the $3,555 and $3,101 support zones, which would dictate the next price move’s direction.
Source: ambcrypto.com
