ETH has climbed by nearly 4% in the past 24 hours as the crypto market bounced strongly following a positive inflation report in the United States. Does this favor a bullish Ethereum price prediction that sees the token breaking past $3,200 before Christmas?
Trading volumes increased by 42% during this period, currently accounting for 10% of the token’s circulating market cap, meaning that the buying pressure has increased significantly.
Crypto trader Ted Pillows, whose X account is followed by more than 250,000 users on X, sees the price of ETH rising past $3,200 as long as the $2,700 – $2,800 support holds.
The market’s mood continues to be sour as the Fear and Greed Index currently sits at 21. This indicates that investors are fearful as volatility has spiked in the past few weeks.
Nonetheless, long-term short-term readings seem to show that the sell-off has already gone too far, possibly favoring a bullish Ethereum price prediction for the next few weeks.
Ethereum Price Prediction: ETH Hits Key Trend Line Support – Can It Break It?
The 4-hour price chart for Ethereum shows that the token recently bounced strongly off the $2,800 level and rapidly climbed to retest the upper bound of a descending price channel that has been forming for weeks.
In this lower time frame, the Relative Strength Index (RSI) has hit oversold territory already. The last two times this happened, the price rallied strongly and surpassed the $3,000 level shortly afterward.
If this pattern repeats, we could see ETH breaking past the $3,000 level in the next couple of days. The first stop could be around $3,050 for a confirmed trend reversal, followed by a strong push to $3,400. This implies a 15% upside potential based on where ETH is trading today.
As cryptocurrencies seem ready to make a comeback, the most promising crypto presales like Pepenode ($PEPENODE) could outperform well-established tokens. This mine-to-earn (M2E) project makes crypto mining hassle-free, fun, and highly rewarding.
Pepenode ($PEPENODE) Raises Over $2 Million to Launch Its M2E Game
Mining cryptocurrencies has never been easier, now that Pepenode ($PEPENODE) is getting ready to launch its fun M2E.
Players can easily set up a virtual server and fire up as many mining rigs as they want by simply buying $PEPENODE tokens. They can also upgrade their existing setups to ramp up their output and compete for attractive rewards.
Top miners will receive handsome airdrops of the best meme coins in the market, like Bonk ($BONK) and Pepe ($PEPE), while up to 70% of the tokens invested in upgrading rigs will be burned forever.
As the game’s popularity increases, so will the demand for $PEPENODE. This positions early buyers to reap the highest returns once the token jumps to the spotlight.
To buy $PEPENODE before the next price increase, simply head to the official Pepenode website and link up a compatible wallet like Best Wallet.
You can either swap USDT or ETH for this token or use a bank card to buy.
Visit the Official Pepenode Website HereThe post Ethereum Price Prediction: Can the ETH Price Reclaim $3,200 Before Christmas? appeared first on Cryptonews.
