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    Can Ethereum break $3,500 before the end of 2019? The analyst weighs in

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    Ethereum

    This article is also available in Spanish.

    As 2024 comes to a close, Ethereum price fluctuations are being closely monitored. The cryptocurrency’s path is decisively influenced by key resistance and support levels, as recent analysis from cryptocurrency experts indicates, indicating a cautiously optimistic outlook.

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    Important price levels to watch

    While analyzing the cryptocurrency, Justin Bennett emphasized the importance of Ethereum recovering to the $3,540 level during the weekly period on December 22. This pricing range is necessary to show a potential change in the market towards optimism.

    If Ethereum cannot clear this barrier, it runs the risk of slipping below the important $3,000 support area, leading to a drop towards $2,600. For investors and speculators alike, a decline of this degree would be costly.

    Market sentiment and analyst expectations

    Analysis by Titan of Crypto that used the Ichimoku cloud approach to predict a potential recovery reinforces the optimism surrounding Ethereum.

    The analyst noted that Ethereum has retested some critical levels, giving the impression that the current correction cycle is about to end. The strength of the Kumo Cloud support line suggests that Ethereum could form a base for higher moves if it can maintain current levels.

    Ether’s market cap currently stands at $401 billion. table: TradingView.com

    Whales are intensifying their accumulation

    Meanwhile, Ethereum whales They increased their holdings and collected around 340,000 ETH, which is worth over $1 billion, within a few days. This rise in accumulation shows that large investors are becoming more confident in the prospects of the altcoin.

    Additionally, Ethereum ETFs have received inflows of over $2 billion since their introduction to the US market, demonstrating the growing interest in these instruments. If regulatory authorities allow revenue shares within these funds, analysts predict that this trend could overtake Bitcoin ETFs by 2025.

    Ethereum price forecast

    At the time of writing, Ether Trading at $3,330It fell by 0.7% and 15.7% on both the daily and weekly time frames, data from Coingecko shows.

    Based on how the Ethereum market is performing at the moment, there will likely be a positive uptrend over the next week, despite the Ethereum numbers flashing red in the charts.

    Analysts are hopeful about its chances of recovery, even though it is selling at a 21% discount to what they think it will be worth in a month.

    Source: CoinCheckup

    A potential breakout that could test critical resistance levels is indicated by technical indicators such as the Relative Strength Index (RSI) and moving averages.

    Ethereum is expected to see a strong development trajectory in the medium to long term, with a 35% price increase over the next three months and a notable 100% growth within a year, according to Expectations.

    Featured image from DALL-E, chart from TradingView

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