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The Coin Rise 2024-12-21 09:35:49

Ethereum Struggles as Analysts Eye Key Price Trends: Details

Ethereum price appears stuck between critical psychological levels, with the cryptocurrency struggling to break above the $4,000 mark, according to crypto analyst Rekt Capital. Over the past month, Ether has crossed this threshold multiple times , peaking at $4,077 on Dec. 6, but it has failed to sustain momentum, data from CoinMarketCap reveals. In a Dec. 20 report, Rekt Capital stated the significance of $3,000 as a new psychological support level. This benchmark was last tested on Nov. 9, marking Ether’s lowest point since early August. As of now, Ether is trading at $3,466, with the analyst warning that its price could slide further, potentially dipping more than 10% toward the $3,000 range. Consolidation and Patterns Signal Uncertain Future Rekt Capital suggested that Ethereum might consolidate between $3,000 and $4,000 in the short term. The formation of an inverse head-and-shoulders pattern — a bullish indicator signaling potential trend reversal — could emerge if Ether stabilizes near the lower support level. “It will be worth watching whether ETH could form a bottom in and around that area,” the analyst noted. Despite this bearish outlook, other factors could bolster Ethereum’s price trajectory. Data from CryptoQuant shows that ETH balances on exchanges have dropped to an 8.5-year low, with just 9.2 million ETH remaining — a nearly 10% reduction over the past year. Reduced supply on exchanges often limits selling pressure, potentially laying the groundwork for upward price movement. Spot Ethereum ETFs Gain Traction Adding to Ethereum’s prospects, spot Ether ETFs have witnessed steady growth . Since their launch in the U.S. on July 23, these funds have attracted approximately $2.43 billion, according to Farside data. Analysts predict this upward trend will continue, particularly if regulators approve staking-related yield generation for these ETFs. Asset manager VanEck has forecasted Ether’s price could reach $6,000 by late 2025 and $20,000 by 2030 , fueled by growing ETF inflows and broader market adoption. However, initial enthusiasm surrounding spot Ether ETFs has yet to yield immediate results. Comparisons to Bitcoin’s post-ETF performance have tempered expectations of Ether surpassing its all-time high of $5,000 by year-end. As Ethereum navigates this period of consolidation, investors remain divided on its short-term outlook. The post Ethereum Struggles as Analysts Eye Key Price Trends: Details appeared first on TheCoinrise.com .

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