ETHEREUM: Sub-3k Dip Before Q1 Surge?
2024-11-13

Currently, I wouldn't be surprised if we see a small retrace from here, as the recent downtrend signal was invalidated by the current reversal. Historically, when this happens, price tends to stay within the range of the previous balance zone before any major expansion. For this move, that would likely be between the 3200–3300 range. I anticipate price will consolidate in this area for the next week or two.

If we do see a pullback into the 3k level, this could present a solid opportunity to re-enter, especially since the monthly chart has triggered a bullish signal. This aligns with broader market patterns and signals, Most coins are firing the same signal!

Looking ahead, there's a potential for capital rotation into  CRYPTOCAP:ETH  during Q1, which could drive  MARKETSCOM:ETHEREUM  to outperform many altcoins again, similar to previous cycles. This is based on analysis of timed expiry consolidations and comparisons with the Solana/SOLETH chart, which indicates a market top might come closer to January or February.

If the current trend continues upward, the next major target for  CRYPTOCAP:ETH  would likely be around the 6k level.

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In summary, if we're fortunate, we may see ETH dip below 3k one more time before the next major run-up in Q1.