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Ethereum Price Prediction: $5,000 is the target for ETH’s return.
The price of Ethereum is sitting slightly above the $3,905 to $4,027 demand zone, indicating that a reversal is imminent.
The smart-contract token is attempting to retest $5,000, but it is up against two resistance obstacles.
If the $3,905 support level is broken, it indicates that more downside is expected.
The price of Ethereum dropped from November 15 to November 17, causing a setback. This decline has driven it into a critical demand zone, from which it is attempting to recover.
The price of Ethereum rises too quickly.
Between October 13 and November 14, the price of Ethereum made five higher highs and three lower lows. Trend lines can be used to connect these swing points, resulting in the creation of an ascending parallel channel.
This technical pattern indicates a pessimistic outlook, which Ethereum price experienced between November 15 and November 17, when it lost around 15%. ETH, on the other hand, came close to retesting the $3,905 to $4,027 demand zone without really entering it.
Ethereum’s price has risen 6.8% so far and appears to be on the rise. If the purchasing pressure persists, ETH will resume its rise and attempt to break through the…
