ethereum price appears to finally be gaining some momentum after several weeks of following the notable bitcoin price performance. After starting the week with slow price action, the acclaimed “king of altcoins” has broken back above the $4,000 mark for the first time since March.
Reflecting the current market climate, ethereum price has not exactly impressed this weekend as it struggles to stay above $4,000. However, a prominent analyst at social media platform
Is a new all-time high for eth on the cards?
On Saturday, December 7, popular crypto analyst Ali Martínez went to platform <a target="_blank" href="https://x.com/ali_charts/status/1865393826925584769″ rel=”nofollow” target=”_blank”>share An interesting on-chain look at ethereum price action. According to the cryptocurrency expert, the altcoin price appears to have no barriers to reach its current all-time high of $4,878 and potentially forge a new one.
This on-chain observation is based on the average cost of multiple ethereum investors. The chart below describes the distribution of tokens around the current price of ethereum, based on data from IntoTheBlock.
<img decoding="async" class="aligncenter" src="https://technicalterrence.com/wp-content/uploads/2024/12/Ethereum-Price-Could-Hit-New-All-Time-High-With-Little-Resistance.jpeg" alt="ethereum price” width=”1200″ height=”400″/>
Source: Ali_charts/x
The size of the points corresponds to the symbolic quantities purchased within specific price ranges and at the same time reflects the importance and strength of each level, as a resistance or support region.
As seen in the highlighted chart, there has been minimal buying activity ahead of the current ethereum price, suggesting that there is hardly any resistance to the altcoin's upward movement. According to Martínez, the only “modest” resistance level awaiting ethereum price is around the $4,540 level.
IntoTheBlock data shows that over 608,960 addresses purchased over 668,980 eth tokens in the price region between $4,474 and $4,598. Although this level of buying activity is relatively insignificant, as shown by the size of the dots on the highlighted chart, it appears to be the only major resistance zone ahead of ethereum price.
Martinez, however, mentioned that a bullish forecast seems to be the strongest narrative for eth right now. The crypto analyst expects it to stay that way as long as ethereum price stays above the $3,560 demand zone. According to data from IntoTheBlock, 3.4 million addresses purchased a whopping 5.1 million tokens between $3,514 and $3,634, making the region a strong support zone.
ethereum price at a glance
At the time of writing, the price of eth continues to hover around the $4,000 mark, reflecting a drop of almost 2% in the last 24 hours. According to data from CoinGecko, the price of the altcoin has risen almost 10% in the last seven days.
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The price of ethereum on the daily timeframe | Source: ETHUSDT chart on x/nlvb5Qfp/" target="_blank" rel="noopener nofollow">TradingView
Featured image from iStock, chart from TradingView
