As ETH approaches the $5,000 mark, the price of Ethereum is once again being determined. Ethereum’s price has risen 3.77 percent in the last 24 hours to a new record high of $4,851. The price of ETH is aiming for areas above $5,000.
The Ethereum price prediction is bullish, as ETH continued its price discovery to set new record highs in November. The bullish sentiment in the cryptocurrency market is bolstering Ethereum bulls ahead of a key inflation report from the United States this week.
The price of the most valuable altcoin in my market is up 3.77 percent in the last 24 hours, reaching a new all-time high around $4,851 on Binance, surpassing the November 03 high around $4,650. Meanwhile, Bitcoin (BTC) reclaimed the critical $65,000 support level, demonstrating a strong positive market momentum between the two major cryptocurrencies.
Technical Analysis of the Ethereum Price: Bulls Aim for $5,160
The technical outlook for ETH price supports an uptrend, with price action aiming for the upper boundary of the governing ascending channel resistance above the $5,000 level at $5,160, as shown on the daily chart.
At the time of writing, the price of Ethereum is hovering around $4,744. For the bullish momentum to continue, ETH must find support at the $4,740 level, which is embraced by the rising channel’s middle boundary. If this occurs, the smart contracts behemoth may set new highs above $5,000, with $10,000 becoming a possibility.
Daily ETH/USD Chart
Positive market sentiments for Ether are echoed by leaders in the crypto space, with Goldman Sachs’ global markets managing director, Bernhard Rzymelka, projecting that Ethereum will reach $8,000 by year end if the token continues to track inflation expectations.
The upward movement of the moving averages and the Relative Strength Index (RSI) indicator towards the overbought region validate Ethereum’s bullish narrative. The RSI reading of 68.96 indicates that the bulls are currently outnumbering the bears. As the RSI enters the overbought zone, more buy orders will be placed, pushing the price of ETH closer to the target of the current chart pattern.
On the other hand, a drop below the $4,730 support level could cause ETH to fall to the $4,384 support level, which is embraced by the rising channel’s lower boundary. Ethereum may take a breather here before continuing its upward trend.