Technical indicators show a rally that can reach $6,000

TLDR

Ethereum is currently hovering around $3,700, an 8% increase over the past week. Technical analysis shows ETH moving in a multi-year ascending channel system. Analyst Ali Martinez has set his medium-term target at $6,000 and long-term target at $10,000, a strong support level. Identified. At $3,300, the immediate resistance is $3,920 with the price above $3,750 and maintains 100-hour stability. Simple moving average

Ethereum has maintained its upward trend, recently trading at $3,700, an 8% increase over the past week. The second largest cryptocurrency by market capitalization continues to show strength as it moves in a proven upward channel pattern.

Market data from major exchanges shows sustained buying pressure as Ethereum holds a position above key support levels. Trading volume has shown a significant increase, especially in stock markets, reflecting growing interest from retail and institutional investors.

Technical analysis shows that Ethereum has been operating in an upward parallel channel for a long time. This pattern, identified by analyst Ali Martinez, suggests a structured upward move with clear support and resistance levels driving price action.

The lower boundary of this channel recently provided strong support, leading to a strong price reversal. This technical disturbance reinforces the validity of the pattern and reinforces market confidence in the current uptrend.

Current market indicators show that Ethereum is trading well above its 100-hourly simple moving average, a technical indicator that often reflects market sentiment. The presence of a bullish trend line has formed with support near the $3,800 mark, providing additional stability to the current price level.

Trading data indicates that a strong support base has formed at $3,300, which analysts see as a buying opportunity in the event of a short-term disruption. This support level coincides with the previous resistance zones that have now turned into support, creating a solid foundation for future price action.

The hourly chart shows several technical formations that support a bullish case. A key trendline has emerged, showing support at $3,800, while the MACD indicator is trending in the bullish zone, indicating continued upward pressure.

Market order books show intense buying pressure at current levels, with sellers seemingly frozen above the $3,900 mark. This order book structure often precedes price movements during pressure buying.

Short-term price action shows immediate resistance near $3,920, followed by a psychological barrier at $4,000. A break above these levels could trigger buying activity and testing of higher resistance zones.

The RSI (Relative Strength Index) remains above the 50 mark on the hourly time frame, indicating healthy market conditions without showing signs of overextension. This technical indicator suggests room for further upward movement before reaching overbought conditions.

Analysis of trading volume shows increasing participation in upward price movements, but volume tends to decrease during minor pullbacks. This volume pattern typically confirms the strength of the trend.

Martinez's analysis points to a mid-term target of $6,000, representing a 62% upside from current levels. The long-term view will reach $10,000, although this forecast is based on maintaining the current channel structure and market conditions.

If #Ethereum $ETH pulls back, watch for the $3,300 support level – a buying opportunity.

Our mid-term goal remains $6,000, and our long-term vision is $10,000! pic.twitter.com/OEvDIV0ZpD

— Ali (@ali_charts) December 4, 2024

Recent market data shows that higher lows have formed, a pattern that usually precedes an upward trend. This technical formation adds weight to the bullish case for Ethereum's price action.

The current market structure shows strong support at several price levels, with $3,700 and $3,650 serving as key areas of buyer interest. These support zones have been tested in recent trading sessions.

Order flow data indicates that professional traders have been accumulating positions during recent price corrections, indicating confidence in higher price levels. This buying behavior precedes continued price increases in digital asset markets.

Recent trading sessions show that Ethereum is maintaining stability above $3,750, at this level there is a constant buying pressure. Market participants continue to show interest in stockpiling positions at current prices.