The price of Ethereum is being watched very carefully as 2024 draws to a close. According to new research from both cautious and optimistic cryptocurrency experts, the cryptocurrency’s trajectory is heavily influenced by key support and resistance levels.
Critical amounts to watch
According to Justin Bennett’s cryptocurrency price analysis for the week ending December 22, Ethereum’s return to the $3,540 mark is crucial. In order to signal a potential market shift towards optimism, this price range is considered key.
Ethereum is at risk of falling towards $2,600 if it fails to clear this hurdle and test the important support area around $3,000. A drop of this magnitude will have a significant impact on investors and speculators.
Despite my growing optimism about the overall 2025 setup, buyers should not be complacent.
To show optimism next week, for example, the weekly time frame requires a recovery of $85,939,662,449 to reach $3,540.
Current market situation and expert forecasts
Research from the Titan of Crypto, which used the Ichimoku Cloud method to predict a potential comeback, adds fuel to the fire of enthusiasm surrounding Ethereum.
According to the expert, Ethereum has retested several key levels, indicating that the current corrective cycle is nearing its end. If Ethereum can hold its current levels, it could serve as a basis for further advances, given the strength of the Kimo Cloud support line.
Meanwhile, Ethereum “whales” have increased their holdings, gaining nearly $1 billion in value—around 340,000 ETH—in just a few days. The increase in accumulation suggests that large investors are turning bullish on the altcoin’s future.