Ethereum is currently trading near the crucial $3,000 support level, with analysts predicting potential price movement towards $3,400 if the current trend holds. The asset’s recent stability and low volatility have contributed to this optimism. 0.25% up in the past 24 hours, Ethereum traders are awaiting clues from upcoming events that could influence its trajectory.
Technical analysis suggests a bullish signal as Ethereum’s price action has remained steady within a narrow trading band. This stable range is believed to be a key factor for future price movements.
Technical patterns and indicators also indicate potential upside movement: 1) the price has remained strong above $3,000. 2) Ethereum’s RSI has broken out ahead of the price, suggesting early momentum. 3) Trading volume exceeded $11 billion within 24 hours, reinforcing anticipation for a price shift.
On-chain data reveals continuous accumulation by whales near the $3,000 support level. The realized price of accumulation wallets recently surpassed a peak, highlighting consistent buying activity from long-term holders. This signals confidence among institutional investors and may lead to continued support above $3,000.
Looking ahead, key events like the U.S. Federal Reserve’s quantitative tightening program conclusion and Chair Powell’s address on December 1, will likely impact market liquidity and investor sentiment. Meanwhile, the upcoming Fusaka upgrade is scheduled for December 3rd. While details remain unknown, network changes might influence short-term price movements.
Disclaimer: This information is provided as general market commentary and does not constitute investment advice. Please conduct your own research before making any investment decisions.