Analyst Reveals Key Ethereum Support Zone Amid $4,000 Price Struggle
2024年12月15日 - 7:00PM
NEWSBTC
Following a market rebound, Ethereum (ETH) has shown only sideways
movement in the past few days as the battle to break beyond the
$4,000 price region continues. While investors continue speculating
on the asset’s next movement, the recent development of a new
support region hints at a continued upward trajectory. Related
Reading: Ethereum On-Chain Metrics Looking Strong – Momentum
Building For ETH? ETH Bulls Form Strong Support At $3,700 – $3,810
In an X post on December 14, crypto analyst Ali Martinez revealed
the formation of a critical support zone in the Ethereum market.
Based on data from IntoTheBlock, Martinez shares that 3 million
distinct wallets acquired 4.6 million ETH, valued at $17.6 billion,
at prices between $3,700-$3,810 with an average market price of
$3,751. Such high level of accumulation activity identifies this
price range as a significant zone of investor interest.
Importantly, this heightened buying pressure converts $3,700-$3,810
to a vital support zone as market bulls will be compelled to defend
this price range in the case of a price decline. Furthermore,
despite Ethereum’s struggle to make any meaningful breakout past
$4,000 so far, investors purchasing massive amounts of ETH at high
price levels indicates market confidence in the asset’s ability to
move past the presented resistance and sustain its price
growth. However, it is worth noting that Ethereum losing this
support zone due to an overwhelming bearish sentiment will result
in immediate substantial losses that can induce a further price
decline. If this market scenario occurs, ETH could slide as low as
$3,565, with the next available support level being $3,303. Related
Reading: Bitcoin Confidence Grows As Binance Data Highlights
Surprising Market Trends Ethereum Records Eight-Month High Network
Growth In other developments, the prominent blockchain analytics
platform Santiment reports Ethereum is experiencing an impressive
level of renewed market interest. In a recent X post,
Santiment states that an average of 130,200 new addresses are being
created on the Ethereum network each day in December – the highest
ever since April. This rise in new wallets suggests an influx
of retail and institutional investors as evidenced by multiple
developments including Ethereum’s price performance in Q4 2024, a
booming DeFi ecosystem as well as the recent bullish performance of
the spot Ethereum ETFs. In terms of implications, this rapid
network growth can boost network activity, transaction volume, and
ETH demand thereby resulting in a further price increase. At the
time of writing, Ethereum trades at $3,885 with a decline of 0.99%
in the past day. Albeit, this loss only underscores the turbulent
past trading week where Ethereum dipped by a cumulative 2.75%.
Featured image from Bankrate, chart from Tradingview
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