- Ethereum’s short-term indicators hint at bearish trends.
- Conversely, ETH surpassed the 200 EMA on the 4-hour chart.
As Q4 2024 approaches, many are asking, “Will Ethereum turn bearish in the short term?” The cryptocurrency market has been abuzz, and Ethereum [ETH] is at the center of attention with mixed signals surrounding its future price movements.
According to data analyzed by AMBCrypto, the Ethereum Short-Term Bubble Risk indicator has turned bearish, suggesting that a market correction may be imminent. This development could potentially impact Ethereum’s expected bullish trend as the year progresses.
Source: IntoTheCryptoverse
Nevertheless, a complete pivot to a bearish sentiment seems unlikely without a profound market disturbance. The overarching bullish narrative persists, raising the question: What is next for Ethereum as we prepare for Q4?
Short-Term Bearish Indicators for Ethereum
When analyzing the ETH/USDT pair, Ethereum recently surged above the 4-hour 200 Exponential Moving Average (EMA). This is a crucial marker for short to mid-term trends.
Currently, the price is nearing the $2,800 resistance range, an essential level that must be conquered to overcome the existing short-term bearish trend. If ETH breaks past this threshold, it could potentially move toward the $3,000 mark.
Source: TradingView
However, the MACD indicator bears a somewhat pessimistic tone, with selling pressure higher, suggesting that Ethereum may need more time to regain its bullish momentum.
Solo Staking Initiatives by Vitalik Buterin
In a recent post on X, formerly Twitter, Ethereum co-founder Vitalik Buterin emphasized the importance of solo staking. He highlighted the need for enhancing Ethereum’s network security by increasing solo stakers and mitigating potential bribery of large node operators.
“Some thoughts on solo staking, what realistic value solo [+ small-business and community] stakers could provide to the network, and what changes L1 can make to better support solo stakers.”
Solo stakers, independent of large organizations, are crucial for maintaining Ethereum’s decentralization and resistance to censorship. They also help safeguard the network against hostile takeovers by ensuring a critical defense mechanism against malicious chains.
Source: Dune
This development in staking suggests that reducing risks in Ethereum staking could indeed prove bullish for ETH in the long run.
Ethereum’s Social and Trading Metrics
Moreover, data from Santiment shows Ethereum’s market value hovering around $2,700, sparking increased interest across social platforms and trading channels. Margin and leverage activity in ETH wallets have surged to 7-week highs, indicating that Ethereum might soon witness a price surge post-correction.
Source: Santiment
Read Ethereum’s [ETH] Price Prediction 2024–2025
As Ethereum navigates this brief correction phase, it remains well-positioned for further growth. With increased market activity and bullish sentiment on social media, ETH could see significant price hikes in the coming months.