Ethereum

bullish

<ul class="wp-block-list">
 <li><strong>Ethereum holds $3,500 support despite sell-offs, maintaining bullish momentum.</strong></li>
 <li><strong>Analysts highlight $3,890 resistance; potential upside targets approach $4,000.</strong></li>
</ul>
<p>Ethereum (ETH), the second-largest cryptocurrency by market capitalization, is witnessing a bullish surge. It has climbed 7% in the last 24 hours and recorded a 17% rise over the past week. Despite this rally, the trading volume dipped 29% on the same day, reflecting mixed market sentiment.</p>
<p>Research data reveals that ETH’s monthly average sell-off reached $400 million in negative net taker volume, rivaling the selling pressure observed during its last cycle’s peak at $4,800.</p>
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdaRpr7e6kr1T_qoOghsqEQODdJ5pe9FCzE8uQVk0X2xf8RPgoeO8vKITNzUvHtvircU7kOVTQVdmwJH0LY6q001oIuclZEKMNPppxaj45w5bp1g3gLTZ6TYUuuqfMoL2il5FQpXg?key=5GTJL9zZtoV3uK5bcrTC0Bmy" alt="">
 </figure>
</div>
<p>Moreover, Analysts suggest that Ethereum’s current position above $3,500 signifies strong support for potential upward movement. This level’s resilience was reinforced during recent sell-offs, with market experts noting that a breach below $3,500 could significantly dent sentiment across the altcoin <a href="https://thenewscrypto.com/us-cpi-at-2-7-fuels-bitcoin-price-to-reclaim-100k-mark/" target="_blank" rel="noopener noreferrer nofollow">market</a>.&nbsp;</p>
<p>Highlights include key support levels for major cryptocurrencies, stating, “94k/3.5k/200. These are the levels I think the market has established as key support levels. Lose this, and holding alts might not seem viable. Hold these, and it’s still game on.”</p>
<p>In addition, US spot ETH <a href="https://thenewscrypto.com/blackrock-bitcoin-etf-defies-market-dip-secures-358m-in-net-inflows/" target="_blank" rel="noopener noreferrer nofollow">ETFs</a> have shown robust demand. On December 10, daily inflows reached $305.74 million, marking 12 consecutive days of inflows and supporting ETH’s bounce above $3,500.</p>
<h3 class="wp-block-heading" id="h-can-eth-surge-past-4k">Can ETH Surge Past $4k?</h3>
<p>Technical <a href="https://in.tradingview.com/chart/EJXIwxE9/?symbol=MARKETSCOM%3AETHEREUM" target="_blank" rel="noopener noreferrer nofollow">analysis</a> points to immediate upside targets of $3,690 and $3,720, with potential extensions to $3,800, $3,900, and $4,000. These levels correspond to high concentrations of leveraged positions, suggesting a possible liquidity hunt. However, if ETH fails to clear the $3,890 resistance, it may retest lower supports at $3,750 and $3,650.</p>
<p>Technical indicators remain <a href="https://coinmarketcap.com/currencies/ethereum/" target="_blank" rel="noopener noreferrer nofollow">bullish</a>. The hourly MACD is gaining momentum, and the RSI is positioned above the 50 zone. For now, $3,750 acts as a major support level, while $3,890 and $4,000 represent critical resistances for Ethereum’s next potential move.</p>

Can Ethereum Hold Its Ground Above $3.5K?

Table of Contents

TheNewsCrypto

Other articles published on Dec 12, 2024

TuneAI: Where AI Agents Meet the Soul of Music

Avalanche Foundation Completed $250 Million Private Funding

$1,000 in Qubetics Could Mean $320K, Becomes One of the Best Altcoins to Buy and Hold for Long Te...

Historical Record: 18,000 Bitcoin Addresses Exceed 100 BTC

SuperEx丨Will quantum computers pose a threat to encryption security?

SushiSwap Unveils Ambitious 2025 Product Launches, Expanding DeFi Ecosystem

Join our free newsletter for daily crypto updates!