Ethereum price continues to consolidate. The pattern emerged in early December and remains the same. ETH technical indicator shows it may bounce soon. ETH has seen a bullish trend, showing it is ready for some reversal of its sluggish trends seen in the earlier months.
The Price Recovery Will Face Some Challenges
Several indicators suggest ETH can make a bounce and head upward. Full recovery will be difficult as many challenges will emerge. The first challenge will come at $3960. Additional challenges will come up at $4020 before it can reach the upper level of $4099. Current patterns show that if it crosses these hurdles, it will see a 22% upward trend. However, it will face a tough challenge at $4112. Other challenges will emerge when it reaches $4138 and then at $4500.
It Can See Some Solid Support at $3800
This support will be seen when there is an increase in the selling pressure. Additional defense lines will emerge for the ethereum price at $3645 and then at $3511. It is important for the investors to note that if ethereum crosses the lower boundary of $3768, it becomes vulnerable and can slide toward $2930.
The analysts predict ethereum price can cross the resistance level of $3700 as it moves upward. Its key resistance levels remain $4200, $4400, and $4600. It has support levels at $3200, $3000, and $2800. ETH price is expected to go higher by 11.77%, making it cross $4174 by January 5 in 2022. These values are predicted after taking into account the last 30 days’ data of the ethereum price pattern