Is Ethereum Price Ready to Hit $3000? Chart Pattern Provides Insight

The Ethereum coin price has steadily recovered since the beginning of December. Starting the month at $20246, the coin price surged to a current high of $2403, registering a 15% growth. Amid this rally, the coin price gave a decisive breakout from the resistance trendline of a long-coming wedge pattern, indicating the potential for higher recovery.

Also Read: Ethereum L2 Starknet Earmarks 1.8B STRK for its Mega Airdrop

Will the ETH Price Rise to $3400?

• The current uncertainty in Ethereum price could trigger a minor fallback to the $2250 mark.
• The ETH price could obtain suitable support at $2250 and $2130 marks.
• The intraday trading volume in Ether is $7.3 Billion, indicating a 34% loss

The Ethereum price recovery began in mid-October, starting with a rebound from the $1525 level. This turnaround led to a significant 58.3% increase in its value, bringing it to the current trading price of $2404. 

This upward trajectory has been largely influenced by general market optimism and the formation of a rising wedge pattern. Throughout the year, under this pattern’s guidance, the ETH coin has maintained a slow yet steady uptrend. 

A notable event in this rally occurred on December 30th, when the coin’s price broke through the upper trendline of the pattern, signaling a readiness for a more dynamic rally and presenting an entry point for buyers. With an intraday gain of 0.51%, the coin price might revisit the breached trendline to confirm its sustainability. 

Riding on this pattern, the ETH price could potentially see a 51% surge, aiming for the $3400 mark

ETH vs BTC Performance 

The leading cryptocurrency, Bitcoin and Ethereum, has shown substantial growth in the past two months, reinforcing a recovery trend in the cryptocurrency market. However, there’s a distinct difference in their price behaviors: the BTC price has shown a steady increase, while the Ethereum price has been more volatile, with occasional drops. This difference suggests that Bitcoin might offer a more reliable breakout opportunity, whereas the ETH price could be more effectively traded using pullback strategies.

• Bollinger Band: An upswing in the upper boundary of the Bollinger Band indicator reflects the buyers leading this current rally.
• Average Directional Index: the ADX slope at a 40 % high reflects that the ETH price may need a temporary correction to continue the bullish trend.