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As 2024 draws to a close, ethereum price fluctuations are being closely watched. The cryptocurrency's trajectory is critically influenced by key resistance and support levels, as indicated by recent analysis by crypto experts, suggesting a cautiously optimistic outlook.
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Important price levels to monitor
Discussing cryptocurrencies, Justin Bennett emphasized the importance of ethereum reclaiming the $3,540 level during the weekly period on December 22. This price range is considered necessary to show a potential shift in the market towards optimism.
If ethereum cannot overcome this barrier, it is in danger of sliding below the important $3,000 support zone, which would trigger a drop towards $2,600. For investors and speculators alike, a drop of this degree would be costly.
<blockquote class="twitter-tweet”>
As bullish as I am getting on the overall setup heading into 2025, buyers still have work to do.
For example, <a target="_blank" href="https://twitter.com/search?q=%24ETH&src=ctag&ref_src=twsrc%5Etfw” rel=”nofollow”>$eth needs to recover $3,540 on the weekly time frame to look bullish next week.
Buyers have 33 hours to do so.<a target="_blank" href="https://twitter.com/hashtag/ethereum?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow”>#ethereum pic.twitter.com/cAChCbJxjd
– Justin Bennett (@JustinBennettFX) <a target="_blank" href="https://twitter.com/JustinBennettFX/status/1870497350189486082?ref_src=twsrc%5Etfw” rel=”nofollow”>December 21, 2024
Market sentiment and analyst predictions
Analysis by Titan of crypto, which used the Ichimoku cloud approach to predict a likely recovery, further strengthens the optimism surrounding ethereum.
The analyst noted that ethereum has retested some critical levels, giving the impression that the current correction cycle is coming to an end. The strength of the Kumo Cloud support line indicates that ethereum may well form a base for higher moves if it manages to hold existing levels.
Whales increase accumulation
Meanwhile, ethereum whales have increased their holdings and accumulated around 340,000 eth, worth over $1 billion, in just a few days. This increase in accumulation shows that large investors are increasingly confident in the altcoin's prospects.
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ethereum Whales Bought $1 Billion of eth in the Last 96 Hours – Details https://t.co/fZe8jWmQ3S
– José JM (@CryptoJoseJM) <a target="_blank" href="https://twitter.com/CryptoJoseJM/status/1870792680529133830?ref_src=twsrc%5Etfw” rel=”nofollow”>December 22, 2024
Furthermore, ethereum spot ETFs have seen inflows of over $2 billion since their introduction to the US market, which is indicative of the growing interest in these instruments. If regulators allow staking of returns within these funds, analysts anticipate this trend could outperform bitcoin ETFs by 2025.
ethereum Price Forecast
At the time of writing, Ether was trading at $3,3300.7% and 15.7% less in the daily and weekly periods, Coingecko data shows.
Based on how the ethereum market is doing right now, there is likely to be a positive uptrend over the next week, despite the Ether numbers flashing red on the charts.
Analysts are hopeful about its chances of a recovery, even though it is selling at a 21% discount to what they think it will be worth in a month.
Source: <a target="_blank" href="https://coincheckup.com/coins/ethereum/predictions" target="_blank" rel="nofollow">CoinCheckup
Technical indicators such as the relative strength index (RSI) and moving averages indicate a possible breakout that could test critical resistance levels.
ethereum is expected to experience a strong development trajectory in the medium and long term, with a 35% price increase in the next three months and a notable 100% growth in one year, according to <a target="_blank" href="https://coincheckup.com/coins/ethereum/predictions” target=”_blank” rel=”nofollow”>projections.
Featured image of DALL-E, TradingView chart
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