CandleFocus Will Ethereum Price Hit ATH This Week? Key Levels to Watch
2024-12-16
Author: Content Editor
The price of Ethereum (ETH) has reached a crucial resistance level above $3,953, which could determine whether there will be further bullish sentiment. While Ethereum has successfully retested its breakout from a long-term downward trend, it may consolidate in the near term to attract more buyers. The altseason, where altcoins rally in value, could take longer to materialize as large-cap altcoins need time to attract new liquidity away from Bitcoin. The number of Ethereum whale addresses and the amount of Ether supply on centralized exchanges have been increasing, indicating rising demand for Ether by institutional investors. Technical analysis suggests that the price of ETH could reach $5,250 in the near term, but confirmation of a parabolic rally will depend on the weekly Relative Strength Index (RSI) surpassing the 70 percent level.
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