Can Ethereum's Price Reach $3000? A Chart Pattern Offers Clues

Claude Pascal
12 Dec 2023
Ethereum coin price steadily recovers, breaking out from resistance trendline of long-coming wedge pattern, indicating potential for higher recovery and potential 51% surge.

Since the beginning of December, the Ethereum coin price has been steadily recovering. It started the month at $20246 and surged to a current high of $2403, registering a 15% growth. During this rally, the coin price decisively broke out from the resistance trendline of a long-coming wedge pattern, indicating the potential for higher recovery.

There is some uncertainty in the Ethereum price, which could trigger a minor fallback to the $2250 mark. However, 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 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.

On December 30th, 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.

When comparing the performance of Bitcoin and Ethereum, there is a distinct difference in their price behaviors. Bitcoin 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.

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