Ethereum

bullish

Strong

Resistance

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/ethereum-faces-strong-resistance-as-market-trends-emerge/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Ethereum Faces Strong Resistance as Market Trends Emerge</a> 
Following the recent recovery, Ethereum’s price encounters strong resistance around $4,000, with market participants anticipating a bullish trend. The fluctuation of ETH around the $3,900 mark has led to cautious speculation regarding potential pullbacks. However, <a href="https://en.coin-turk.com/rabbit-ai-addresses-allegations-by-youtube-researcher/" data-wpel-link="internal" rel="noopener noreferrer nofollow">blockchain</a> data indicates strength, suggesting an upward trend in the near future.
<h2 id="key-support-levels-ethereum-must-maintain">Key Support Levels Ethereum Must Maintain</h2>
Crypto analyst Ali Martinez identifies a critical support zone for Ethereum between $3,700 and $3,810. This level is significant due to approximately 3 million wallets having purchased a total of 4.6 million ETH within this range.
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 Ali Martinez stated, “There is strong buying interest at this level, which will act as a robust support preventing further declines in ETH amidst market volatility.”
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Furthermore, blockchain analysis firm Santiment notes that the creation of new wallets on the Ethereum network has reached an 8-month peak. The network recorded an average of 130,200 new addresses daily in December, indicating an unprecedented level of interest since April.
<h2 id="on-chain-data-shows-positive-signs-for-ethereum">On-Chain Data Shows Positive Signs for Ethereum</h2>
This week, Ethereum’s on-chain metrics display notable growth, with a 4.24% increase in active addresses and a 2.65% rise in new address creation. Additionally, significant activity from large investors hints at potential upward movements.
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 Officials from Santiment remarked, “The increasing activity and new wallets in the Ethereum network indicate that ETH enthusiasts are targeting potential upward movements.”
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A strong capital influx directed toward Ethereum ETFs has also boosted optimism. BlackRock’s Ether ETF recently recorded an influx of $3 billion, demonstrating growing interest in this investment vehicle.
<h2 id="market-capitalization-indicators-for-ethereum">Market Capitalization Indicators for Ethereum</h2>
Ethereum’s realized market value is an essential metric, tracking the total coin value based on their last moved prices throughout market cycles. In the previous cycle, Ethereum entered a growth phase after three years of contraction and reached its cycle peak. This cycle appears to be following a similar pattern, with the contraction phase ending in May 2024 and realized market value entering a growth phase in November, indicating potential for further price increases.
Popular <a href="https://en.coin-turk.com/cryptocurrency-market-trends-and-price-predictions-for-april/" data-wpel-link="internal" rel="noopener noreferrer nofollow"></a><a href="https://en.coin-turk.com/federal-reserve-minutes-shake-up-crypto-markets/" data-wpel-link="internal" rel="noopener noreferrer nofollow">crypto</a> analyst venturefounder highlights that the chart between Ethereum and Bitcoin signals a substantial rise following Bitcoin’s halving. Historically, Ethereum has displayed significant gains against BTC after a maximum of eight months of underperformance. As the current halving cycle reaches its eighth month, ETH seems well-positioned for upward movement.
Should this trend continue, it is anticipated that the ETH/BTC ratio could climb to 0.39, reflecting a 700% increase post-halving, with Bitcoin targeting a price of $100,000, which would position Ethereum’s value at $39,000.
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 Experts indicate, “If the current trend is maintained, ETH prices could see significant increases.”
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Currently, the price of ETH stands at $3,927 after a 1% increase, with a market capitalization of $473 billion. According to Coinglass data, 24-hour liquidations have surged to $16 million while open positions remain stable at $27 billion.
Defining support and resistance levels in the Ethereum market provides crucial indicators for traders. On-chain metrics and ETF investments yield insights into ETH’s potential movements. It is suggested that traders consider this data when strategizing.
The post <a href="https://en.coin-turk.com/ethereum-faces-strong-resistance-as-market-trends-emerge/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Ethereum Faces Strong Resistance as Market Trends Emerge</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.

Ethereum Faces Strong Resistance as Market Trends Emerge

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