Ethereum (ETH) Price Prediction: Bulls Eye $3,400 As Price Gains Momentum

Ethereum is currently trading near the $3,200 level and is picking up some modest momentum on the lower timeframes. As highlighted in our previous analysis, the price has spent the last few months struggling within a broader downtrend that reflects the wider market sentiment, but the price action is finally starting to show some signs of life. This recent move has allowed Ethereum to climb above the $3,050 resistance level as it attempts to find a firmer footing in the short term. Let’s take a quick look at the latest ETH charts to see where the price could be headed in the short term.

Our Ethereum Price Prediction Summary

• Ethereum has moved above the $3,050 level but must clear the $3,400 resistance to confirm any real strength.
• The 1-day timeframe shows a consistent downtrend since October that will likely persist unless a clear higher high is established.
• A potential double-bottom pattern is also forming on the daily chart though the short-term outlook remains neutral until the price provides a definitive breakout.

Analyzing the Charts

Key Resistance Level in View

Looking at the latest 4-hour charts, Ethereum has gained momentum after consolidating just below $3,050 and eventually breaking higher with a decent push. This move has brought the $3,400 mark into focus, which remains a crucial area of resistance that the bulls need to flip in order to challenge the prevailing bearish trend. While we have seen similar breaks above $3,050 in the recent past, those moves failed to clear $3,400 and resulted in a sharp rejection that sent the price back below the $3,000 level. Should the price encounter another rejection at this same point, we can expect the current correction to persist throughout the coming week.

Observing the Daily Timeframe

Switching to the 1-day timeframe, the technical outlook remains largely the same as the smaller intervals. While Ethereum has successfully climbed above the $3,050 mark to provide a positive signal for bulls in the short term, the broader trend reveals that the price has been locked in a consistent downtrend since October. This structure is defined by a series of lower highs and lower lows on the daily chart, suggesting that the bears still maintain control over the primary direction of the market. Unless Ethereum can manage to establish a clear higher high during this bounce, the prevailing trend will likely stay intact without much changing for the overall outlook. A failure to break this pattern would quickly bring the $2,750 support level back into play once again.

Potential for a Bullish Reversal

While the broader trend remains a challenge, there is a more positive outlook developing that could favor the bulls as they struggle to regain control. This recent bounce has allowed Ethereum to form a potential double-bottom pattern, a structure that is statistically recognized as a bullish reversal signal. If the price manages to confirm this pattern by breaking out from current levels, it would put the bulls in a strong position to finally reverse the long-standing downtrend. It is important to remember that this pattern is not yet confirmed and the price could still take a downward turn from here, which is why our short-term Ethereum price prediction remains neutral for the time being.

Final Takeaway: What is Next for ETH?

Ethereum is currently testing a critical area after breaking above the $3,050 level to show some short-term strength. While the potential double-bottom pattern is a positive development, the price still faces heavy resistance at $3,400 and remains within a broader downtrend. The market needs to flip these key levels and establish a higher high to prove that this move is more than just a temporary bounce. Given these conflicting signals, the short-term outlook remains neutral until the price action provides a clearer direction. We will continue to monitor these levels closely to see if the bulls can sustain this momentum or he downtrend will resume.