Technical Analysis 
December 17, 2024 
4 min. 
Ethereum (ETH) has been performing well in recent weeks, generating speculation about the possibility of reaching the $5,000 mark by the end of 2024. The altcoin is on an upward trend, with signs of a possible acceleration by the end of the year.
To understand whether this target is achievable, let’s analyze ETH’s behavior and observe the technical patterns and indicators.
Breaking resistance at $4,000 could trigger a new rally
Analyzing the daily chart, ETH is showing a strong upward trend, with prices rising steadily in recent weeks. Price action reveals that the cryptocurrency recently surpassed $4,000, with a peak recorded at $4,013.00. Trading volume has also increased considerably, indicating that the movement is supported by significant demand.
Furthermore, Ethereum is close to an important resistance, which is the $4,100 range. If the price manages to break through this area, it could test $4,500. This would represent a substantial boost to reach the $5,000 target.
Another relevant point is that the RSI (Relative Strength Index) is still below 70, which suggests that ETH is not overbought and there is room for further appreciation. This strengthens the possibility of a new high.
However, if the price fails to overcome the resistance at $4,100 and there is a pullback to lower levels, such as $3,850, the $5,000 target could be compromised.
ETH is forming a continuation pattern in the short term
On the 1-hour chart, ETH is forming a technical figure called a symmetrical triangle. This pattern usually indicates a continuation of the previous movement. The price is squeezing between the upper resistance line around $4,025 and the lower support line at $3,950.
This pattern is a sign that buyers are starting to accumulate positions as the market waits for a breakout for a decisive move.
The increase in buying volume near the support line also suggests that ETH has the strength to break the resistance soon. If the price breaks above $4,025, the next resistance level could be found around $4,100.
In addition, the RSI on this chart is approaching 60, indicating that the upward movement is consistent and may continue.
December End Forecast
Based on the 1-day and 1-hour chart analysis, we can conclude that Ethereum has the potential to reach $5,000 by the end of December, but this depends on a few crucial factors:
- ETH needs to break the immediate resistance at $4,100.
- The trading volume must continue to increase to sustain the upward movement.
- The RSI needs to remain below 70 to avoid a premature overbought move.
Therefore, if Ethereum manages to break through the resistance near $4,100 and continues with good buying volume, it is possible that the price will approach $5,000 by the end of 2024.
However, the crypto market is volatile and external events, such as changes in interest rates and new regulations, can affect these movements.
