As 2024 approaches its conclusion, Ethereum price fluctuations are being closely watched. The path of the digital currency is heavily influenced by key levels of resistance and support, as indicated by a recent analysis of crypto experts, which shows an optimistic outlook.
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Important price levels to check
Analyzing cryptocurrencies, Justin Bennett emphasized the importance of Ethereum regaining the $3,540 level over the weekly period of December 22.
If Ethereum cannot clear this barrier, it is in danger of slipping below the important support area of $3,000, leading to a drop to $2,600. For investors as well as speculators, a fall of this magnitude would be costly.
As bullish as I am turning with the overall situation going into 2025, buyers still have work to do.
For example, $ETH it needs to retrace $3,540 on the weekly chart to look bullish next week.
Buyers have 33 hours to do it.#Ethereum pic.twitter.com/cAChCbJxjd
— Justin Bennett (@JustinBennettFX) December 21, 2024
Market sentiment and analyst forecasts
The study by Titan of Crypto that used the Ichimoku cloud approach to recover predictions that could strengthen the hope around Ethereum.
The analyst noted that Ethereum has reconfirmed some critical levels, which gives the impression that the current correction cycle is nearing its end. The strength of the Kumo Cloud support line suggests that Ethereum could be the basis for higher moves if it can hold on to existing levels.
Whales gather up
At the same time, Ethereum whales have increased their holdings and collected about 340,000 ETH, which is worth more than $1 billion, in a few days. This increase in accumulation shows that large investors are becoming more confident about the prospects of the altcoin.
Ethereum whales bought $1 billion ETH in the last 96 hours – details https://t.co/fZe8jWmQ3S
— Jose JM (@CryptoJoseJM) December 22, 2024
In addition, spot Ethereum ETFs have accumulated inflows of more than $2 billion since their introduction in the US market, which is an indication of the growing interest in the these instruments. If regulatory authorities allow stock returns within these funds, analysts predict that this trend could overtake Bitcoin ETFs by 2025.
Ethereum Price Weather
At the time of writing, Ether was bought for 3 330 US dollarsdown 0.7% and 15.7% in the daily and weekly time frames, data from Coingecko shows.
Based on how the Ethereum market is doing now, there is likely to be a positive trend within the next week, despite Ether numbers flashing red in the charts.
Analysts are optimistic about its chances of recovery, even though it is selling at a 21% discount to what they think it will be worth in a month.
Source: CoinCheckup
Breaks that may be able to determine critical resistance levels are indicated by technical indicators such as the Relative Strength Index (RSI) and Moving Average.
Ethereum is expected to experience a strong development path in the medium and long term, with a price increase of 35% within the next three months and an incredible growth of 100% within a year, which according to statement. projections.
Featured image from DALL-E, chart from TradingView
