Ethereum News Today: Ethereum's Bulls Target $3,468 as Bearish Patterns Loom

Ethereum showed early signs of a potential rebound on Thursday, as technical indicators suggested a narrowing bearish grip and cautious optimism among investors. The cryptocurrency, which had been under pressure for weeks, held above $3,000, with its Relative Strength Index (RSI) rising to 41 from oversold levels, signaling a possible shift in momentum. A bullish signal from the MACD indicator on Wednesday further encouraged risk-taking, though two Death Cross patterns on the daily chart underscored lingering bearish risks as technical analysis indicates. A Death Cross occurs when a shorter-term moving average crosses below a longer-term one, a pattern often associated with bearish trends. Ethereum bulls would need to reclaim the 50-day Exponential Moving Average (EMA) at $3,468 to strengthen the bullish case.

The broader market environment also reflected tentative optimism. BlackRock's spot Bitcoin ETF holders returned to profitability after Bitcoin reclaimed $90,000, with cumulative unrealized gains reaching $3.2 billion on Wednesday. This marked a reversal from a low of $630 million in outflows in mid-November, suggesting ETF inflows might stabilize as price recovery gains traction. Bitcoin ETFs, including BlackRock's IBIT, were pivotal in driving 2025's momentum, with inflows accounting for a significant portion of the asset's year-to-date gains.

Despite these signals, Ethereum's path remains fraught with challenges. Its price is constrained by a descending 50-day EMA and a key resistance level at $3,468. Traders noted that a sustained move above the zero line on the MACD and expansion of the green histogram would be critical for confirming a bullish turnaround. Meanwhile, sideways trading and lack of momentum were evident in XRP's performance, which remained capped under $2.30.

Market sentiment, as captured by the BitDegree Fear and Greed Index, remained in the "Fear" zone at 28 on November 29, down from 25 the previous day. The index, which aggregates volatility, social media trends, and Bitcoin dominance, highlighted widespread caution among crypto participants. This aligns with broader market dynamics, where institutional players and retail investors alike are navigating a landscape marked by regulatory uncertainty and macroeconomic volatility.

The interplay between technical indicators and sentiment metrics underscores Ethereum's precarious position. While the RSI and MACD hint at a potential reversal, structural bearish patterns like the Death Cross and a bearish EMA trend suggest caution. For Ethereum to sustain its rebound, bulls must not only reclaim key moving averages but also convince the market that the bearish thesis has lost steam.