TronWeekly

Crypto World News

You are here: Home / Archives for Ethereum price analysis

Ethereum price analysis

Ethereum’s Path to New Heights: A $15,300 Milestone by 2025?

by

  • Ethereum’s price momentum hints at a rise to $7,000 soon, with potential to reach $15,300 by 2025.
  • Key resistance breaks and bullish signals suggest ETH is primed for a significant upward rally.
  • Ethereum’s long-term growth outlook remains strong, with expectations of surpassing previous all-time highs.

Ethereum (ETH) is starting to look like a solid long-term investment again and may very well be on its way to breaking its previous all-time highs in the near future. Recent market trends and technical indications point to the fact that Ether may Appreciate sharply to $15,300 by 2025.

In a recent post on X, Alan Santana is expecting Ethereum to perform well in the future. He said that the current cryptocurrency market is quite bullish, which is likely to lift the price of ETH way higher than it is now. However, he expects that Ethereum may return to $7,000 soon, and the price may grow to $11,000 or even $15,000 in the future. This could propel cryptocurrency to new highs in a significant rally to set another all-time high.

Ethereum’s Bullish Momentum

These positive trends are also inline with some of the recent bullish predictions being made about Ethereum. On 21th November, the cryptocurrency bounced back from the 20-day exponential moving average with a target of $3,042 and broke the key resistance level of $3,225. This upward movement is indicative of buyers slowly taking the driver’s seat and ETH may continue to rise in the short term.

The technical indicators are also reflecting a further rise in the near future. The 20-day EMA is acting as a support and the RSI is still in the positive territory suggesting that the trend is bullish. A sudden surge past the downtrend line may usher ETH to a new high of $3,900 and even $4,094.

AD 4nXfRP63QkDdFQIsi6NumvXcQcDLqjuIaYq7Xv237MeK1f5UtdNvOcJVQc2rq8lwGwvtqfYaz NhHGCP4LRlOPHI8f4sIU5b0TqY5780wue AIVLY UoZDTuVW3X1tsXNM2cpEH3D?key=s XIdl3WPzVPe1CvgHoe1jfX

Source: TradingView

Ethereum’s Bearish Risks

If Ethereum’s price slips below $3,000, it will likely extend its losses to $2,850. This opening has provided the bears with an opportunity as cryptocurrency could extend its decline in the near term if it breaches the level. At the time of writing, ETH is trading at $3,372 which is 0.25% lower than the previous day.

ETHUSDT 2024 11 23 14 12 54
Source: TradingView

Still, there is a common opinion that Ethereum has all the chances to continue the development trend in the long run. Based on the current trends, analysts are confident that token will surpass its current price ceilings by 2025; some of them expect the price to hit $15,000. Even in the charts of the emerging cryptocurrency market, ETH is still being monitored by investors and traders in the hope of more gain in the coming years.

Ethereum Rises As Bitcoin Holds Steady, Signals $10K Growth Opportunity

by

  • Ethereum’s daily transactions hit 1.22M, reflecting consistent network demand and long-term value.
  • Whales accumulate $1.4B ETH in a week; spot ETF inflows show rising institutional optimism.
  • Derivatives open interest hits $13.2B ATH; positive funding rates signal short-term bullish sentiment.

Bitcoin hovers around its recent peaks, and the focus has gradually turned to Ethereum, which is still 36.2% off its 2021 record high of $4,878. Traditionally, Ethereum has performed well during periods of profit rotation after the BTC price increases, and the latest data indicates a large movement could be imminent. 

According to IntoTheBlock, daily transaction volume has increased on ETH, currently averaging 1.22 million per day compared to 1.1 million three months ago. Although this growth rate is not very high, it shows that there has been constant utilization of Ethereum’s network, which is a big factor that supports the long-term value of ETH. 

Ethereum Whale Accumulation

Nevertheless, the formation of new Ethereum addresses continues to be lower than during other bull markets. This decline has been due to the increase in usage of the Layer 2 solutions like Base that build on the infrastructure of ETH but provide faster transaction processing. However, the use of these technologies has not sidelined tokens as the fundamental pillar of the decentralized environment.

Investor sentiment also seems highly bullish as a result of substantial whale movement. Institutional investors have purchased more than $1.4 billion worth of Ether in the last seven days, showing they are bullish on the digital asset in the future. In the same way, Ether spot ETFs have witnessed inflows of more than $147 million thus supporting the institutional investors’ optimism.  

The derivatives market has also posted new records. According to CryptoQuant, Ethereum’s open interest across derivatives markets hit $13.2 billion, its highest level ever and 40% higher than it was four months ago. This surge shows increasing involvement of traders in Ethereum’s futures and options. 

Leverage Ratio Peaks

In addition, Ethereum’s leverage ratio based on the formula of dividing open interest by exchange’s coin reserves has set a new high at 0.40. This rise indicates the improvement of investor risk sentiment as more leveraged positions are being invested in derivatives markets. However, such high levels of leverage also increase the chances of market volatility. Should prices make sudden reversals, a long squeeze may set off large corrections.  

While there are these risks, Ethereum is still in a good place to expand. According to analyst Ali, there are resistances at $4,000 and $6,000 with a possibility of a breakout should Bitcoin stay within this range. Even the longer terms expectancies are for the price to reach close to $10,000 if certain conditions in the market are met.  At the time of writing, ETH is trading at $3,361, up 9.06% in the last 24 hours.

AD 4nXeybHB9nIJZw2QgOQGGziNcTH9PMKLVjUFYwVaVOkjR p6XoRvHzOc0ljHg9bMvmRbhfVtLgBEaYOBqYtyqmF23DmBilOdEbuTEZGz6e6GTYcgefhOKJIBxBGNMvOdFfkOAbaN5LA?key=K9mrhDiXX6Wf MtfVDHBGKj6

Source: TradingView

The fact that Ethereum remains central to the world of cryptocurrencies. The token has such high levels of activity on-chain, institutional support, and a vibrant derivatives market means that it remains a key player in the ongoing transformation of the financial industry. 

Ethereum On The Rise: Whale Activity And Network Growth Signal Bullish Momentum

by

  • Ethereum’s surge past $3,120, driven by whale activity, signals renewed investor optimism and potential for sustained growth.
  • Rising transaction volume at $10.4 billion highlights Ethereum’s appeal to both retail and institutional participants.
  • Robust network activity and diverse utilities make ETHa leading asset and ecosystem, attracting long-term investor interest.

Ethereum, the second largest cryptocurrency in terms of market capitalization, is redesigning investor engagement based on a spike in whales. Based on the analytical platform Santiment, ETH temporarily broke through $3,120, providing new opportunities for the optimistic growth of investors. The recent rate increase has brought the attention of the market to token’s rise to the second largest market capitalization rank which it has occupied for almost eight years.

Ethereum Whale Transactions Rise

Santiment data revealed a sharp increase in the number of transactions made by ETH whales – large investors whose actions are capable of both causing sentiment shifts and affecting the availability of liquid coins. A renewed high whale activity has been instrumental in placing Ethereum at a 14-week high, as high-risk investors regain their confidence. When more large wallets purchase ether or hold it, these activities are beneficial for price support as well as for price increase and prove to be a good signal for the true state of affairs in the market.

AD 4nXefxmroarxtXGp5CmuJQPhGNP0xJVPpIRI 9EkfFOGQ 5WYaqJAM8Bp e10IvxuGaZ6hHxudRR1tf2H2beOuGnd 5dz jciYCV6RRg5AkpTS2hPn1Lw sIrD cPr09U4UoM8 7mQg?key=EuHYK8mqTgiKW8l80EqN6qJA

Source: Chart by Santiment

Whale activity and the number of daily transactions on ETH has increased in the recent days with Ethreum daily transactional value standing at $10.4 billion. This is a bullish signal for Ethereum’s network and shows growing engagement from smaller and larger market participants, as well as from institutions. 

High Activity Fuels Growth

Such high transaction volumes indicate Ethereum’s draw in the current bull market cycle where the increased activity culminates in broader gains in the price of the cryptocurrency. As of writing, token is trading at $3,184, and up by 5.21% over the past day.

AD 4nXfWsRLrI1JLhZE5PDBHm4aptlzpCc58hLF45Uw ODsWqQy652i459gbQHGNceXFrTzujqcZQTevIK14kTbMHaJ6JPkbdcmfo45QZXMdEc2q

Source: TradingView

The analysis also reveals strong network activity in cryptocurrency, which is a sign of high stability of the price of cryptocurrency. This broad functionality put Ethereum in to be an asset and the ecosystem, suggesting more attraction for investors in the blockchain.

Having witnessed increased whale interest, transaction volume and active network, cryptocurrency seems capable of sustained appreciation in the right environment. Ethereum has been adopted and developed continuously and as Bitcoin’s rally brings more attention to the crypto market, ETH could be closer to hit a new all-time high. Holders remain positive to some extent; they understand that coin is capable of solidifying its position as one of the main leaders in the cryptocurrency industry.

Ethereum’s Investor Activity Stalls: Is a Major Correction on the Horizon?

by

Ethereum (ETH), the second most popular cryptocurrency based on the daily trading volume, shows signs of a significant decrease in the investor’s interest. Analytical platform CryptoQuant revealed that this may indicate that it is in an accumulation phase or that a market correction may be expected in the near future.

On-chain data from a one-month period show that large ETH holders, those who own over 100k ETH, are disinterested in Ethereum. Some specific retail addresses that buy frequently have also been limited in the past weeks. 

On the other hand, mid-sized holders using between 10,000 and 100,000 ETH are still holding coins but the buying interest has stagnated significantly. On the other hand, sellers with 100 to ETH 1,000 tokens continue to sell across the market domain hence exerting a bearish pressure.

Ethereum’s Resilience Above $2,000

The rest of the crypto market is also suffering issues, while Bitcoin failed to hold above $60,000 as of press time. Even with the overall slump of the market, Ethereum remains stable at and above the $2,000 mark. This stability is attributed to the speculation of a possible cut in the Federal Reserve interest rate hence optimistic feeling from the investors.

Historically, the performance of Ethereum in the fourth quarter was mostly performing well. Q4 has been seen to experience an average price bounce of approximately 23.39% since 2016. It shows that there is still hope the market might turn around of cases. This is arbitrary and, however, less in line with the current trend.

ETH has shed over the last four months from $3,971 to the current value hovering around $2,278, therefore shrinking by 42.67% loss. The bearish tone in the market is however corroborated by the downward-sloping 20- & 50-day Exponential Moving Average.

AD 4nXfw8TD9wWEyQ1UPu AUyApYOcBhUqVHOdGOaevlKydlQObvczjjBmXcflcrVysVTmK6pMUo2SLsbp5yIVuxe0iK6M7zp5VjnYDNu3fOuWPjvdVtdEhTq QGS9XXOzObtSb07dM9d5VLQUOZnePFNW VFic?key=qiu9t5lqguoq3EMZomt3Nw

Further downwards the selling pressure may reduce Ethereum by an additional 13%, bringing the price to a testing of a certain ascending support trend line which dates back to June of 2020. Moreover, ETH has more than doubled from this trendline in the past when it has reversed which makes this level potentially a good accumulation zone. However, an slip of this support is said to occur a deeper correction that may further destabilise the market.

The sentiment of investors that is reflected by Ethereum is rather cautious. In respect to history, there could be a bounce, but continuous market selloff accompanied with weak buying sentiment indicate fluctuation. Ethereum investors are keeping focus on key low supports in order to determine the future price trend.

Ethereum Reaches Key Level: Analyst Predicts Relief Ahead Of CPI/FOMC

by

In a recent post on X, highly regarded cryptocurrency expert Daan Crypto shared his insights on the current position of Ethereum (ETH). The analyst noted that ETH has gotten to an interesting spot in its trading protocols by cleaning out the range low and prodding the 4H 200MA.

Daan Crypto’s view shows that this is rather an opportunity for relief or consolidation for Ethereum, particularly with that massive economic events are anticipated to occur. His suggestions suggest that traders may be waiting for some consolidation or minor range-bound movement in ETH, as a trading range forms in the run up to the CPI and FOMC meetings.

AD 4nXe930SvUdvkt9DSMnd bNXHY9n16spjr31zBYtqMKSorFhuLb7IZAxRINDj4HVkpNcAV8iFjsPPj8L5nZnG3 rseMYe4bBW yQWmapzN2qc0f gVjguay5AwjVBZYqutsWo7bXPsTK0 erE08lQImRV3Zrd?key=Vsof88z6Gd6L6GOrUuF9wg

Key Economic Events Impacting Ethereum

The CPI and FOMC meetings are some of the social events that can significantly influence the markets, such as cryptocurrencies. The CPI serves as an inflation indicator; the FOMC meeting relates to interests rates and monetary policies concerning a country’s economy. Both events remain eagerly awaited by investors since they may affect both market moods and trading approaches.

Daan Crypto’s notes shed light on an important technical analysis of Ethereum. The chart below by the analyst indicates a support line labeled ‘4H 200MA,’ which is a 200-period moving average on the 4-hour chart. This is an important sign of support that, when breached, may result in a reversal or a consolidation period. 

Ethereum’s price may experience a continual range bound or slightly upward movement. This period could provide traders with some protection and time to gear up or forex strategies that might be catalyzed by movement after CPI and FOMC.

The analyst has demonstrated the technical aspects that lead to the changes in Ethereum price and other market forces at play. Some thrilling upcoming events are the economic events, which would shape traders’ and investors’ views on how Ethereum would perform based on the results of these events and may influence their decisions.

Daan Crypto‘s analysis provides an inside to one of the most significant stages in Ethereum. As the markets look forward to key economic releases, he paints an impression that Ethereum could be due for some short-term conservatism and provide traders with a moment where they could ‘collect their breath’ before entering into the effects of the CPI & FOMC.

Ethereum ETF Sparks Market Volatility: Analyst Insights And Price Predictions

by

Renowned crypto analyst Ali Martinez recently shared insights on a significant development in the crypto world: such as the recent decision of the SEC to approve a spot Ethereum exchange-traded fund (ETF). Martinez wondered whether this has turned into a ‘sell the news’ event for Ethereum and the possibility of selloffs. 

AFP5d52PnImBjF5 042Rx0v1F41BZvujikXxOHbPJ9LYv8GPhgqBh0XIVSm0m1i8VMUkCmsrpTTcuDJ3WlxGh9 v6JDdwm wthtbbSsxj8ohGz9i44S8VE1J fIe9xi8Z6BN djMr2 kRkBKXTaDY

The recent mass selling of Ethereum (ETH) to exchanges has garnered market attention, raising concerns, whether it’s profit-taking, portfolio adjustments, or strategic market operations by large investors

Ethereum Co-Founder’s $37M Move Sparks Speculation

The big transaction was made by Ethereum co-founder Jeffrey Wilke, who transferred 10,000 ETH for $37.38 million to the largest exchange, Kraken, according to analysts. This move has also raised more questions about his actions whether he is taking profits on his holdings, rebalancing his portfolio or just speculating in the market. 

qrrYXXymkhGDUi33DD0FENRQ3lALv4nhDzv1XD4YWHDTmTzdTMM0c8RykkzrZSOzdGZXRKpWfKXQHDvzoFDANShb5NG fjwdCixOb7ivaGM F88Npp6cO0CiojXWOUgS0CTRHwDhFymLra52WHqYJlY

More ETH is stored in exchange wallets, which implies that trading activity could lead to fluctuations in the price of the asset. 242,000 ETH has been transferred to crypto exchange wallets, spotting increased market activity.

ZlnXlFMSBx1Q4AWh92fMPJCSRbUQaFt0FcROjnNQRYL9e5LvOcp9YSrEOSXoDLUYW WH9gBbxy3JXQCAWdF1 Lszwr8sqvwFn9DGw9h 2LZJkvVNt8cMwBIe

Famous figures including APompliano, had to dub the approval of the Ethereum ETF as the industry’s seal of endorsement. But there is a rising trend of the ETH deposits to exchanges, which may point to the fact that there is a sell-off or profit taking at the time, and this can make the price to go down. Ethereum is at the crossroads of important support and resistance levels

Technical analysis gives extra warning signs. The TD Sequential indicator has flashed a sell signal on ETH 24 hours chart. A green nine candlestick means that the intensity of the selling pressure could result in a retreat of 1 to 4 daily candlesticks or start a new bear phase before any bullish run can begin. 

62lJ Q3zN4cfZkUYtjPs0viuBCAV1wedozLAkKpT0UTv4SiAIXU8b3n9NlJmDn Rbx5BkNNIda pq00UKM 2zLHvCFCzeA8 pNm K9qS oJBpU4bsxTwIqMew9vsbqzdW6gRB3TnzH GCYQXlpiPI1w

The approval of the ETH ETF is a significant step in the development of the crypto industry, but it is met with both optimism and concern. The response of the market reflected in the high volumes of ETH transactions as well as in the key technical indicators indicates that traders should be cautious as Ethereum is entering a phase of possible volatility. 

Ethereum Eyes Breakout: Will ETH ETF Decision Propel Price to $6000?

by

Crypto analyst Crypto Patel has recently shared an optimistic outlook on Ethereum’s price trajectory, predicting significant movements based on upcoming ETF decisions. ETH is currently displaying strong bullish patterns, including a falling wedge and bull flag, along with a notable bounce off critical support levels.

However, the anticipation surrounding the Securities and Exchange Commission (SEC) decision on the approval of Ethereum exchange-traded funds (ETFs) is building, with deadlines for four issuers approaching by the end of this month, starting on May 23rd.

image 30 21

Patel’s analysis suggests that if the SEC approves the ETFs, Ethereum’s price could soar to a range of $5000 to $6000. This approval would likely act as a catalyst for substantial price appreciation, reinforcing bullish sentiment in the market.

However, if the SEC rejects the applications, particularly on the basis of classifying tokens as securities, ETH could face a sharp decline, with prices potentially dropping to between $2000 and $2500. Such a decision could also negatively impact the broader decentralized finance (DeFi) sector, which is closely tied to Ethereum’s performance.

Ethereum ETF Odds Soar: 75% Chance of Approval Predicted

Adding to the speculation, Bloomberg ETF analyst Eric Balchunas and his colleague James Seyffart have updated their projections, now estimating a 75% chance of spot Ether ETF approval, up from their previous 25%.

They have reported increased speculation that the SEC might reverse its stance on this increasingly politicized issue, prompting a scramble among market participants. Balchunas noted that the sudden shift in expectations has caught many by surprise, as the general consensus had been leaning towards denial.

Market sentiment around Ethereum is also being bolstered by heightened attention on social media. According to data from Santiment, Ethereum is currently the top trending asset across various platforms, including X (formerly Twitter), Discord, Telegram, 4chan, and BitcoinTalk.

image 30 20

This spike in interest is due to the decision of the SEC, which can be a game changer for the crypto market. Besides that, continuous FUD around Tether might help in such a bullish move, eventually supporting the ease of Ethereum to the upside.

Now, the crypto community, already anxious and waiting for this decision, has all eyes on Ethereum at a really critical point in time that should define immediate big moves in price. The outcome will ultimately have huge implications for Ethereum and subsequently ripple through much of the cryptocurrency landscape, whether in a positive or negative way, as this decision remains largely unprecedented.

Related Reading | Cardano (ADA) Poised for Next Bull Run, Analysts Predict 10x to 15x Price Surge 

Ethereum’s Bullish Momentum Faces Critical Resistance Amid SEC’s Spot ETF Decision

by

Crypto e­xpert Ali Martinez noted that the­ TD Sequential indicator signaled a buy sign on Ethe­reum’s (ETH) daily price chart. This signal hints at a potential price­ increase, possibly lasting one to four candle­stick periods. It suggests ETH could expe­rience a short-term rally in the­ next few days.

image 26 2

At present, Ethereum’s price is $2,916.15. In the past 24 hours, the cryptocurrency has had a trading volume of $11.40 billion, and its market capitalization is $350.28 billion. Despite this positive buy signal, the price of ETH has experienced a marginal decline of 0.01% in the last 24 hours. 

Ethereum May Test $2500 Support Before Bullish Flag Breakout

Famous crypto analyst Crypto Patel has identified a major pattern in the ETH/USDT daily chart that points towards the continuation of an uptrend in Ethereum. According to Patel, ETH is forming a bullish flag pattern, a technical formation often indicative of further gains. Note the critical resistance level around $3200 and the 200-day Exponential Moving Average (EMA) standing approximately around a critical support level of $2632.22.

image 26 3

Recent market activity saw a fakeout near the resistance, where the price briefly moved above the resistance level but then fell back. The price of Ethere­um is now stable and may be gearing up for a bullish flag patte­rn breakthrough. Analyst Patel suggests that ETH might te­st the $2,500 support level be­fore this breakout. Trade­rs need to kee­p an eye on this critical point.

Another we­ll-known analyst, Cryptorphic, agrees with Patel’s analysis. Cryptorphic points out that Ethe­reum is upholding the bull flag pattern, with the­ $2,700-$2,800 support zone remaining intact. Howeve­r, Ethereum has yet to rise­ above the blue EMA and the­ upper trendline, which is crucial for confirming a bullish tre­nd.

image 26 4

Ethereum ETF Approval Could Drive Prices Higher

The SEC’s pending decision on whether to approve a spot Ethereum Exchange-Traded Fund (ETF), which is expected on May 23, 2024, is only building up market anticipation. Two questions arise from this decision: Will the spot ETH ETF be approved by the SEC, or will it delay or reject it? Is it possible for the spot ETH ETF to achieve what has been done by the spot BTC ETF?

This SEC ruling will significantly affect ETH’s price. If approved, it might increase Ethereum’s value, similar to Bitcoin’s spot ETF. Conversely, if delayed or turned down, it may stop the existing bullish momentum. Market players should, therefore, pay close attention to whatever they do until the SEC gives its verdict and also try to keep themselves updated regarding any regulatory developments.

Related Reading | PEPE Hits New All time high: Analyst Eyes Further Gains & Set Target at $0.00002000

Analyst Forecasts Ethereum’s Imminent Bounce On the Horizon, Here’s When

by

Ethereum’s recent performance has been catching the eye of market observers as it teeters on the brink of an upward surge. After dipping to $2,815, ETH staged a robust recovery, reaching $3,220. However, this momentum was short-lived, leading to a subsequent decline. Despite this setback, crypto analysts remain bullish on Ethereum’s prospects, identifying pivotal factors that could shape its future price trajectory.

Moreover, a significant event is looming on the horizon. The Securities and Exchange Commission (SEC) is poised to make critical decisions regarding three Ethereum Exchange-Traded Fund (ETF) applications by May 25th. This development holds immense significance for the Ethereum community and the ETH market. 

image 24 11

As of the current moment, the price of Ethereum stands at $2,972.28, accompanied by a 24-hour trading volume of $11.96 billion and a market capitalization of $357.01 billion. Over the past 24 hours, the price of ETH has experienced a 1.17% increase.

Analyst Predicts Imminent Bounce For Ethereum

Crypto analyst Titan Of Crypto shared insights regarding Ethereum’s price trajectory, indicating an impending bounce in its value. Highlighting the successful execution of the Bullish Cypher Pattern, all projected targets were met.

image 24 12

Presently, Ethereum finds itself at the pivotal 38.2% Fibonacci retrace level, often dubbed the “1st stop,” which historically serves as a crucial marker in bullish markets. An optimistic outlook anticipates a rebound from this juncture.

Furthermore, the sentiments echoed by analyst JACKIS underscored a reassuring stance, dismissing prospects of a colossal crash for ETH. Emphasizing Ethereum’s current expansive high timeframe (HTF) range, particularly noting its breakthrough to $4K in March, signifies a significant paradigm shift in market structure towards the upside.

Furthermore, a deeper probe into the local Weekly Market Structure (MS) shows sustained bullish momentum. Such a trend has been identified by Higher Lows (HL) and Higher Highs (HH), indicative of its dynamic nature as market swings. The ongoing corrective phase represents a natural pullback within the broader bullish trajectory. On the other hand, a bearish retreat on March 22, represented by the yellow highlight, brought about a further decline.

image 24 13

However, the reasonable course of action is to stick with the ongoing trend while it lasts. Trading upon breakouts based on mere wants can never be profitable. All Time High (ATH) is another major HTF level, achievable for those who exercise patience.

Related Reading | VeChain (VET) Holds Strong: Analyst Eyes $0.05 to $0.250 Range and Long-term $1 Target 

Ethereum’s Rollercoaster Ride: Bulls Hold Tight Amid Rising Selling Pressure

by

Ethereum (ETH) has been on a rollercoaster ride, experiencing a notable retracement of its gains earlier this month. Despite a generally bullish trend and market structure, some metrics suggest that selling pressure is on the rise. However, the deflationary nature of Ethereum is instilling confidence in long-term holders.

The journey began in early November when ETH soared to $2,130, only to initiate a gradual pullback over the following three weeks. The retracement tested the resilience of Ethereum bulls, but they regained control, consolidating around the $2,030 region before making a swift upward push. This critical zone, highlighted in cyan, coupled with its proximity to the psychologically significant $2,000 mark, is now considered a robust support zone.

ETH 1M graph coinmarketcap 7
Source: CoinMarketcap

As of press time, Ethereum is trading at $2,279.80, boasting a 24-hour trading volume of $12 billion, reflecting a 4% increase. Over the last 24 hours, ETH has witnessed a marginal 0.20% dip and is down almost 4% in the weekly chart.

ETH 1D graph coinmarketcap 22
Source: CoinMarketcap

According to PricePredictions, a bullish trend is anticipated in the long term. Their prediction suggests a price increase of $11.69 over the next seven days, reaching $2,293.24 by December 21, 2023. However, in the short term, machine learning algorithms indicate a bearish trend, signaling a slight decrease in the coming hours for investors to watch out for.

Analyst Insights: Ethereum Support and Resistance, Correction Scenarios

Renowned analyst Michaël van de Poppe emphasizes Ethereum’s positive support and resistance flip at the $2,125 mark. Even in the event of a correction to $1,900, he believes the overall trend remains upward, with the next resistance zone identified at $3,400-3,800 in the first quarter of 2024.

Another analyst, Ali, notes Ethereum’s descent into a crucial demand zone ranging from $1,934 to $2,160. In this zone, a staggering 5.58 million addresses are holding nearly 40 million ETH, making it the most critical support level from an on-chain perspective.

For traders, this presents a potentially lucrative reloading point, highlighting the importance of vigilance in the ever-evolving landscape of cryptocurrency markets. Nevertheless, as Ethereum navigates these crucial levels, investors are advised to stay tuned for further developments in this gripping crypto saga.

Related Reading | Crypto Crackdown: US Seizes $500,000 From Asian ‘Pig Butchering’ Scam