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Reading: Ethereum Encountered That Level of Resistance! What Will Be the Price of ETH?
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EdaFace Newsfeed > Latest News > Altcoin News > Ethereum Encountered That Level of Resistance! What Will Be the Price of ETH?
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Ethereum Encountered That Level of Resistance! What Will Be the Price of ETH?

vitalclick
Last updated: December 14, 2024 5:51 pm
3 months ago
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Contents
Major Support Level That Ethereum Price Should MaintainETH On-Chain Data Shows StrengthRealized Market Cap Indicators of EthereumEthereum vs. Bitcoin Chart Points to a Big Rise

After the recent recovery, Ethereum $3,915.0 The price is facing a strong resistance near $4,000 and investors are awaiting an uptrend. ETH is back around $3,900, causing investors to be cautious about the possibility of a pullback. However, blockchain data shows strength, indicating a bullish trend going forward.

Major Support Level That Ethereum Price Should Maintain

Crypto analyst Ali Martinez identified a critical support zone for Ethereum between $3,700 and $3,810. This level is of great importance as approximately 3 million wallets purchased a total of 4.6 million ETH in this range.

“There is strong buying interest at this level and will act as a strong support in market volatility, preventing ETH from falling further,” Ali Martinez said.

Additionally, blockchain analysis firm Santiment pointed out that new wallet creation on the Ethereum network has reached an 8-month peak. In December, the network averaged 130,200 new addresses per day; This level represents a level of interest not seen since April.

ETH On-Chain Data Shows Strength

Ethereum’s on-chain metrics show significant growth this week; There was a 4.24% increase in active addresses and a 2.65% increase in new address creation. Additionally, major investor activity in Ethereum also points to a potential upside.

“Increased activity on the Ethereum network and new wallets indicate that ETH enthusiasts are targeting potential upside movements,” officials from Santiment noted.

Strong capital flows into the Ethereum ETF also increased optimism. BlackRock Ether ETF recently recorded an inflow of $3 billion, indicating increased investor interest in this investment vehicle.

Realized Market Cap Indicators of Ethereum

Ethereum’s realized market cap is an important metric that tracks the total coin value at the last price they moved throughout market cycles. In the past cycle, Ethereum entered a one-year growth period after a three-year period of contraction and reached the peak of the cycle. This cycle follows a similar pattern. The contraction period ended in May 2024, and the realized market value entered the growth period in November. This suggests that Ethereum price has the potential to rise further.

Ethereum vs. Bitcoin Chart Points to a Big Rise

Popular crypto analyst VentureFounder, Ethereum vs Bitcoin $101,577.1 He stated that the chart between Bitcoin indicates a big rise after the halving. Historically, Ethereum has experienced a significant increase against BTC after underperforming Bitcoin for at most eight months. With the current halving cycle in its eighth month, ETH appears to be on the right track on its bullish timeline.

If this trend continues, it is predicted that the ETH/BTC ratio could increase by 700% to 0.39 after the halving, and with Bitcoin’s price target of $100,000, the value of Ethereum could reach $39,000.

“If the current trend is maintained, the ETH price may increase significantly,” the expert said.

Today, ETH price is trading at $3,927 with a 1% increase, while its market value is $473 billion. According to Coinglass data, 24-hour liquidation increased to 16 million dollars, while open positions remain stable at 27 billion dollars.

Determining support and resistance levels in the Ethereum market offers important indicators for investors. On-chain metrics and ETF investments provide insight into ETH’s future movements. It is recommended that investors develop strategies taking this data into consideration.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.

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