Ethereum

Blast

bullish

when

Coin

<p>Ethereum’s weekly chart showed a solid upward trajectory within its ascending channel throughout 2024. After steadily climbing, <a href="https://www.thecoinrepublic.com/2024/12/07/ethereum-price-tops-4000-for-the-first-time-since-march-ath-next/">ETH</a> price decisively broke the $4,100 resistance level.</p> 
<p>This breakthrough suggested a stronger upward potential toward the $6,000 mark, hinted as a new target in the analysis.</p> 
<p>The Fibonacci extension levels indicated next possible resistance around $6,110.91, reinforcing the $6,000 area as a significant magnet for price action.</p> 
<p>Trading volumes remained consistent, supporting the price ascent through each resistance zone.</p> 
<p>With each stride past resistance levels like $3,786 and $4,100, Ethereum’s price resilience was evident.</p> 
<figure class="wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter">
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   https://twitter.com/ali_charts/status/1869209469147632103 
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<p>If this trend continues, surpassing $6,000 could become a reality, with a potential to aim for higher Fibonacci extensions at $7,751.77 and beyond.</p> 
<p>This alignment further suggested that Ethereum was well-positioned for continued gains, provided market conditions remained favorable.</p> 
<p>All these illustrated Ethereum’s capacity for growth, potentially reaching new highs if the bullish market structure persisted into 2025.</p> 
<h2 class="wp-block-heading" id="h-eth-price-ethereum-bid-and-ask"><strong>ETH Price: Ethereum Bid and Ask</strong></h2> 
<p>Further analysis of the ETH’s concentrated Bid &amp; Ask levels displayed a significant attempt to break above the $4,000 mark, which involved overcoming a dense supply zone.</p> 
<p>Despite initial success in challenging this resistance, the price inevitably reverted to the support level around $3,800 as of press time.</p> 
<p>This pivot area was critical in maintaining bullish sentiment, as a fall below could trigger further losses heightening selling pressure.</p> 
<p>Analyzing the market dynamics, a persistent seller at the $4,000 level consistently replenished supply, indicating strong resistance. Overcoming this could require an amplified buying pressure.</p> 
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  <img loading="lazy" decoding="async" width="1024" height="572" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-78-1024x572.jpeg" alt="Bid &amp; Ask levels | Source: Skew/X" class="wp-image-885077" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-78-1024x572.jpeg 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-78-300x168.jpeg 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-78-768x429.jpeg 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-78-1536x859.jpeg 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-78-2048x1145.jpeg 2048w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-78-150x84.jpeg 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-78-696x389.jpeg 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-78-1068x597.jpeg 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-78-1920x1073.jpeg 1920w" sizes="auto, (max-width: 1024px) 100vw, 1024px">
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   Bid &amp; Ask levels | Source: Skew/X
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<p>Conversely, the shift in bid levels from the previous lows to around $3,600 highlighted increasing buyer interest at lower prices, suggesting that market participants anticipated the price dips to accumulate more ETH.</p> 
<p>The activity at these strategic price points was vital for Ethereum’s short-term direction. The resistance at $4,000 acted as a cap for uptrend, while the support at $3,800 served as a foundation preventing further declines.</p> 
<p>If these levels were defended or breached, they could dictate the next major price movements for Ethereum on the Binance spot market which could well beyond $6,000.</p> 
<h2 class="wp-block-heading" id="h-social-sentiment-ethereum"><strong>Social Sentiment Ethereum</strong></h2> 
<p>Social volume for <a href="https://www.thecoinrepublic.com/2024/12/05/eth-price-skyrocketing-as-addresses-count-surge-4000-incoming/">Ethereum</a> peaked several times through the year, with particularly high spikes coinciding with sharp price adjustments.</p> 
<p>In contrast, weighted sentiment plunged to its lowest since December 18, 2023, just as Ethereum prepared for a significant rally.</p> 
<p>Historically, when sentiment reached such lows, ETH experienced considerable price increases. For instance, a 30% rally followed a similar sentiment drop back in December 2023. This pattern suggested a potential for another rally.</p> 
<figure class="wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter">
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   https://twitter.com/ali_charts/status/1869369808002904417 
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<p>The price mirrored these sentiment changes, illustrating the correlation between public perception and market performance.</p> 
<p>Notably, the chart depicted multiple instances where negative sentiment extremes were followed by swift recoveries in price, reinforcing the perspective that extreme social sentiment could be a contrarian signal.</p> 
<p>Ethereum’s price showed signs of stabilization, possibly gearing up for another ascent past $6,000 if the trend of sentiment-driven rallies continued.</p> 
<p>The post <a href="https://www.thecoinrepublic.com/2024/12/19/eth-price-to-blast-above-6000-amid-high-buyer-interest-social-sentiment/">ETH Price to Blast Above $6000 Amid High Buyer Interest, Social Sentiment?</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.</p>

ETH Price to Blast Above $6000 Amid High Buyer Interest, Social Sentiment?

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