#MarketRebound

Ethereum (ETH) Return to $4,000 Imminent Once This Resistance Is Cleared

Ethereum (ETH) has struggled to reclaim this level since it dropped below $4,000 on December 17, sparking speculation that ETH may not return to the region before the end of 2024.

However, a 5% price increase in the past 24 hours suggests that sentiment may be changing. For Ethereum to reclaim $4,000, several key factors must align. Here’s what needs to happen.

Ethereum Holders Prepare to Clear the Hurdle

According to

In/Out of Money Around Price (IOMAP),

Ethereum price is holding strong support at $3,352. At this point, 3.34 million ETH addresses are holding 3.18 million coins and are in profit.

IOMAP ranks addresses based on unrealized profits, losses, or breakeven points. The more volume or number of addresses in the accumulation range, the stronger the support or resistance. Therefore, a higher out-of-the-money volume indicates stronger resistance, while a higher in-the-money volume indicates stronger support.