Based on the chart analysis and the latest news about Ethereum, we can draw several conclusions:
1. Technical analysis:
• According to the data, Ethereum on the 4-hour chart is showing an attempt to recover from the recent decline, which may indicate the formation of a local bottom. Key resistance is currently at around $3,400, and support is around $3,250.
• Long-term indicators, such as the 99-day moving average, indicate a possible continuation of the decline if the recovery is weak.
2. Market news:
• Experts predict that December 2024 could be an important one for Ethereum, with a potential local bottom, given historical trends and economic factors such as the rising unemployment rate in the US
• In the short term, the price of Ethereum fluctuates due to the general volatility of the crypto market. Average price predictions for ETH by the end of the month indicate a possible range between $3,100 and $3,400