- Ethereum Price Expectations: Ethereum's price may approach $5000 if it surpasses the resistance level of $3670.
Ethereum experienced futures liquidation worth $32.6 million over the past 24 hours, led by short positions liquidations of $25.7 million, according to Coinglass data.
Ethereum (ETH) is trading within an ascending triangle pattern on the weekly chart. If its price declines, it is supported by an upward trendline extending from November 17. A drop below this trendline could find support at the $2890 level.
Weekly chart of ETH/USDT pair
On the other hand, Ethereum (ETH) could rise to $5000 if it breaks above the 20-week exponential moving average (EMA) and surpasses resistance levels at $3470 and $3670. This target is determined by measuring the height of the triangle and projecting it upward from the breakout point.
The Relative Strength Index (RSI) is testing the neutral level, while the moving average convergence divergence (MACD) histogram bars are declining, although they remain in the negative zone. This movement indicates a slowdown in bearish momentum.