Can Ethereum Break $3,500 Before End Of ’24? Analyst Weighs In
As 2024 draws to a close, Ethereum price volatility is being closely watched. Cryptocurrency movements are heavily influenced by key resistance and support levels, as recent analysis by crypto experts shows, suggesting a cautiously optimistic outlook for cryptocurrencies.
Related reading
Important price levels to monitor
Analyzing the cryptocurrency, Justin Bennett highlighted the importance of Ethereum’s weekly recovery of $3,540 levels on December 22. This pricing range is considered necessary to signal a potential shift in the market in an optimistic direction.
If Ethereum fails to clear this hurdle, it is in danger of falling below the important $3,000 support area, leading to a drop towards $2,600. A decline of this magnitude would be costly for investors and speculators.
While I’m optimistic about the overall landscape in 2025, buyers still have work to do.
For example, $ETH A recovery of $3,540 on the weekly time frame is needed for a bullish move next week.
Buyer has 33 hours to complete.#Ethereum pic.twitter.com/cAChCbJxjd
— Justin Bennett (@JustinBennettFX) December 21, 2024
Market Sentiment and Analyst Forecasts
The crypto titan utilized the Ichimoku cloud approach to predict a possible recovery, and his analysis further bolstered the optimism surrounding Ethereum.
The analyst noted that Ethereum has retested some key levels, giving the impression that the current correction cycle is coming to an end. The strength of the Kumo Cloud support line suggests that if Ethereum can manage to hold current levels, it will likely set the stage for higher moves.
Whales accelerate accumulation
at the same time, Ethereum whale In just a few days, they accumulated approximately 340,000 ETH, worth over $1 billion. This increase in accumulation indicates that big investors are increasingly confident in the prospects of altcoins.
Ethereum whales bought $1 billion in ETH in last 96 hours – details https://t.co/fZe8jWmQ3S
— Jose JM (@CryptoJoseJM) December 22, 2024
Additionally, spot Ethereum ETFs have attracted more than $2 billion in inflows since their launch in the U.S. market, indicating growing interest in these instruments. If regulators allow bets on yields in these funds, analysts predict the trend could surpass Bitcoin ETFs by 2025.
Ethereum Price Prediction
At the time of writing, Ethereum Traded at $3,330Data from Coingecko showed losses of 0.7% and 15.7% on the daily and weekly time frames, respectively.
Based on the current performance of the Ethereum market, a positive upward trend is likely to occur within the next week, although Ethereum’s numbers are flashing red on the chart.
Analysts are hopeful about its chances of recovery, despite selling for 21% less than what they think it will be worth a month from now.
Source: CoinCheckup
Technical indicators such as the relative strength index (RSI) and moving averages indicate a potential breakout that could test key resistance levels.
According to predictions, Ethereum is expected to experience a strong development trajectory in the medium to long term, with a price increase of 35% in the next three months and a staggering 100% growth within a year. predict.
Featured images from DALL-E, charts from TradingView
