The crypto market takes a breather in the last week of November as pioneer cryptocurrency Bitcoin stalls its rally at the $100,000 neckline. The consolidation can be attributed to today’s FOMC minutes, as investors remain concerned about a positive December rate cut. Thus, the Ethereum price analysis shows a slight pullback to recuperate its bullish momentum before surpassing $4000.
Ethereum Price Analysis: Is ETH’s Recovery Losing Steam?
- A downsloping trendline has governed the correction trend in Ethereum price analysis since mid-March 2024.
- Higher price rejection candles at the daily chart hint at overhead supply at the $3500 level.
- A potential bullish crossover between the 100-and-200-day Exponential moving average could prevent a major reversal.
Amid the early November rally, the Ethereum price analysis showcased a dynamic recovery from $2,350 to $3,450, registering a 46.2% growth. This rally was fueled by Doland Trump’s win in the U.S. election, Bitcoin’s push to a new high, and substantial ETH ETF inflows.
However, the Ether recovery stalls at the $3,500 region as the price hits a downsloping trendline intact since mid-March. In late May 2024, a bearish reversal from this resistance plunged ETH’s price from $3,974 to a $2,112 low.
The recent stagnation at $3,500 with higher price rejection candles raises concern about a repeat scenario. The momentum indicator Average Directional Index (ADX) approaching 40% supports the bearish thesis as buyers may soon hit exhaustion.
By the press time, the Ethereum price analysis shows a trading value of $3,328 with an intraday loss. According to Coingecko data, the ETH’s market cap is recorded at $400.5 Billion, while the 24-hour trading volume is at $56.2 Billion.
ETH Price to Retest Key Support Before Next Leap
The anticipated pullback in Ethereum price analysis could drive a 9% pullback to retest the $3,000 psychological level. If the altcoin manages to replenish the exhausted at this support, the buyers could rechallenge the long-coming trendline.
A potential breakout will accelerate the buying pressure and push a 24% surge to hit $4,100 high. A bullish crossover state between daily EMAs (20, 50, 100, and 200) accentuates the border market sentiment is bullish.
Source: https://www.cryptonewsz.com/ethereum-price-analysis-pullback-eth-4000/