Ethereum shows neutral momentum, but prominent market analyst Captain Faibik predicts a breakout by January.
Ethereum (ETH) has recently crossed the $3,000 mark again, currently trading at $3,032.64 amid a 1% increase in the last 24 hours. The price has been fluctuating between $2,945.80 and $3,050.84.
Notably, the steady upward trend towards the higher end of its 24-hour range suggests that Ethereum is finding solid support above the $3,000 level, as buyers are stepping in to maintain upward pressure.
However, Ethereum’s performance over the past week and two weeks tells a different story, with a 3.9% decline in the last 7 days and a 3.4% drop over the past 14 days. These figures highlight a short-term consolidation or mild bearish sentiment, possibly due to market-wide corrections.
Despite these recent pullbacks, Ethereum is still holding above key psychological levels, with strong momentum in the short term. Can Ethereum test higher resistance levels?
Can Ethereum Test Higher Resistance?
Looking at the momentum side, the Ethereum price is in a slight upward trend, finding immediate support around $2,950, which aligns with the lower wick of the recent candle.
The Relative Strength Index indicator is at 48.80, indicating that Ethereum is neither in overbought nor oversold territory, suggesting a neutral market. The ChandeMO is at -15.91, which implies a lack of strong bullish or bearish momentum at the moment.
The RSI hovering just below 50 suggests that the momentum could shift either way depending on the buying or selling pressure.
If Ethereum surpasses the resistance at $3,170 and moves above $3,200, it could signal further upside potential. However, if the price struggles to maintain levels above $3,000 and fails to break resistance, a pullback toward support near $2,950 could occur.
Can Ethereum Reach $4,220?
Further, Captain Faibik’s analysis on Ethereum price action highlights an exciting potential breakout as ETH approaches a key multi-month trendline. The chart shows Ethereum testing the trendline after a series of lower highs and a decline in price.
The suggestion is that ETH could soon break this resistance, which could set it up for a significant bullish move. Captain Faibik points out that if the price breaks above this trendline, it could target $4,220 by January, signaling a strong potential for price growth in the coming month.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
