Ethereum’s $3,700 Dream: A Long Wait Ahead?

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Oh, how the price of Ethereum rises, 6.7% in 24 hours, now dancing near $3,320. A fleeting warmth in the frost of the market, as if the gods themselves have whispered, “Not yet, my child.” 🧊

But the market, that fickle jester, now winks with mixed signals. A longer wait, it seems, is the price of patience. 🤔

Breakout Structure Holds as a Bullish Crossover Approaches

The Ethereum price, that elusive specter, continues its dance within the inverse head-and-shoulders breakout, a structure forged in late November. The right-shoulder support at $2,710, a fragile bastion, has held-like a prisoner clinging to hope. Yet, the specter of its failure looms, a shadow over the bullish path. 🕯️

A key trigger now is the bullish crossover between the 20-period EMA and 50-period EMA. An EMA, that mathematical sentinel, tracks price with the weight of recent candles, whispering promises of buyer strength. But will the sellers, ever-present, step in? 🕷️

A bullish crossover usually hints at buyers gaining strength, a spark in the dark. Yet, this spark may flicker out if the market’s greed turns to panic. The projected target of $3,710 remains a mirage, tantalizing yet distant. 🌌

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But this crossover will form only if sellers do not step in. One on-chain metric shows why caution remains. The market, ever the trickster, whispers, “Not so fast.” 🤐

Rising Paper Profits Create a Profit-Taking Window

Ethereum’s Net Unrealized Profit/Loss (NUPL), that measure of paper profit, now climbs to 0.296, a harbinger of the Optimism-Anxiety zone. A time of reckoning, when holders, drunk on gains, eye the exit. 🧠

The last time NUPL reached such heights, on December 3, ETH fell 5.2%-a lesson in humility. Now, the same dance repeats, as profitability rises and ETH teeters near resistance. A profit-taking window, wide open. 🚪

A similar setup is visible now. Profitability is rising again while ETH sits near resistance. This increases the chance that some holders may sell before the bullish crossover finalizes. If that happens, the crossover may fail, and momentum could pause. A cruel joke, this market. 😏

Key Ethereum Price Levels: What Opens the Path to $3,710 – and What Breaks It

If the bullish crossover completes and NUPL pressure stays limited, the Ethereum price has a clear upward path: a 12-hour close above $3,390, then $3,570, unlocking the full move to $3,710. But beware-this is a path paved with hope, not guarantees. 🚧

  • A 12-hour close above $3,390 is the first signal 📈
  • The next resistance sits at $3,570 🛑
  • Clearing $3,570 unlocks the full move toward $3,710, the measured 20% projection from the breakout point. 🎯

If selling grows instead, the structure weakens. ETH remains valid above $2,710, but a move under $2,610 invalidates the setup and points to a deeper pullback. A descent into the abyss. 🧊

For now, ETH sits between two forces: a bullish crossover that could push toward $3,710, and rising paper profits that may delay the move. The next few sessions will decide which side leads. A tale as old as time-greed vs. fear. 🕰️

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2025-12-10 13:27