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    Crypto Chain Post
    Home » Is a Dip to $3,392 Imminent Amid Momentum Loss?
    Ethereum

    Is a Dip to $3,392 Imminent Amid Momentum Loss?

    News RoomBy News RoomDecember 4, 2024No Comments3 Mins Read

    Will a supply surge within a rising channel push Ethereum’s price below $3,600 as the crypto market experiences a momentum drop?

    With a sudden shift in intraday sentiment, Ethereum is edging closer to the $3,600 support level. After a 2.41% decline in the past 24 hours, Ethereum’s market cap has fallen to $435 billion.

    As Bitcoin tests the $95,000 support, will the sudden loss of momentum in the crypto market drag Ethereum below $3,600? Let’s find out.

    Ethereum Warns Channel Breakdown

    On the 4-hour chart, Ethereum’s price action shows a rising channel pattern. Currently, the price trend reveals a bullish failure to break through the overhead resistance trend line, leading to a negative cycle.

    The price of ETH has dropped from the 24-hour high of $3,762 to the current market price of $3,619. It recorded a 24-hour low of $3,582. The ETH price trend is showing low price rejections from the local support trend line, indicated by the long tails in the 4-hour candles.

    The MACD and signal lines have diverged negatively, increasing the likelihood of a bearish outcome. Furthermore, the bearish histograms on the MACD indicator are on the rise, maintaining a sell signal for Ethereum.

    Ethereum ETFs Boost Bullish Sentiment

    The Ethereum ETF market had a positive run last week, supporting the potential for a bullish recovery. Between November 25 and November 29, U.S.-based spot Ethereum ETFs saw a net inflow of $467 million.

    Leading the charge, BlackRock’s ETF saw a net inflow of $300 million last week, followed by Fidelity with a net inflow of $120 million. As Ethereum ETFs continue to see increased inflows, this trend is likely to drive demand for ETH in the crypto market.

    Image showing inflows to Ethereum ETFs last week

    Ethereum Price Targets

    At present, the chances of sustaining a bullish momentum above the support trend line are limited, as Bitcoin is experiencing increased supply pressure. The immediate support below the rising trend line is the $3,570 pivot level.

    However, the increased supply suggests a potential bearish breakdown, with the next test being the S-1 pivot support at $3,392.46. If the broader market recovers and Ethereum manages to maintain dominance above the $3,600 mark, the next resistance is in the supply zone, around $3,740.

    For a bullish continuation, Ethereum’s price must break through the overhead resistance trend line, boosting the likelihood of reclaiming the $4,000 price point.

    Read the full article here

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