Can Ethereum Break $3,500 Before End Of 2024? Analyst Weighs In

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As a seasoned analyst with over two decades of experience in financial markets, I find myself intrigued by the current state of Ethereum. The $3,540 level highlighted by Justin Bennett is indeed a critical one to watch, as it could serve as a pivotal point for the market’s sentiment shift.

As 2024 draws to a close, there’s a lot of interest in how the price of Ethereum might change. The direction this cryptocurrency takes is significantly impacted by important resistance and support points, according to recent analysis from crypto experts, who offer a tentative but hopeful perspective.

Important Price Levels To Monitor

In his analysis of cryptocurrencies, Justin Bennett highlighted that for Ethereum, it’s crucial to surpass the $3,540 mark during the week ending December 22nd. This price level is seen as significant because if achieved, it might signal a shift in the market towards optimism.

If Ethereum fails to surpass this hurdle, there’s a risk it might dip below the crucial support level of $3,000, potentially plunging towards $2,600. Such a decline would be detrimental for both investors and speculators alike.

As bullish as I’m turning with the overall setup going into 2025, buyers still have work to do.

For example, $ETH needs to recover $3,540 on the weekly time frame to look bullish next week.

Buyers have 33 hours to get it done.#Ethereum

— Justin Bennett (@JustinBennettFX) December 21, 2024

Market Sentiment And Analyst Predictions

According to Titan of Crypto’s analysis, using the Ichimoku cloud method, there seems to be an increased likelihood that Ethereum will bounce back, boosting overall positivity towards Ethereum.

According to the analyst’s observation, Ethereum has revisited significant points, suggesting that the current correction phase might be approaching its conclusion. If Ethereum can maintain its current levels, Kumo Cloud’s strong support line indicates potential for further growth.


Whales Ramp Up Accumulation

Over the past few days, large Ethereum investors (referred to as ‘whales’) have been adding to their holdings, accumulating approximately 340,000 ETH, currently valued at over $1 billion. This rapid accumulation suggests that these significant investors are growing increasingly optimistic about the future of this altcoin.

Ethereum Whales Bought $1 Billion ETH In The Past 96 Hours – Details

— Jose JM (@CryptoJoseJM) December 22, 2024

Furthermore, Ethereum Exchange-Traded Funds (ETFs) have attracted more than $2 billion since they were launched in the U.S., showing a rising demand for such investment tools. If regulatory bodies allow staking rewards within these funds, experts predict that this interest might outgrow Bitcoin ETFs by the year 2025.

Ethereum Price Forecast

Currently, Ether is being exchanged for approximately $3,330, marking a 0.7% decrease over the past day, and a more significant 15.7% drop when compared to the previous week’s figures, according to information provided by Coingecko.

Given the current performance of the Ethereum market, it’s reasonable to expect an uptrend over the coming week, even though Ether’s chart indicates a downward direction at the moment.

Analysts remain optimistic that it could bounce back, despite currently being offered at an approximately 21% reduction compared to their predicted value in just one month’s time.

A significant price surge, potentially challenging key resistance points, seems suggested by certain technical tools like the Relative Strength Index (RSI) and Moving Averages.

It’s expected that Ethereum will see significant growth over the medium to long term, potentially rising by 35% in the next three months and an impressive 100% within a year, as per forecasts.

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2024-12-23 14:10