Ethereum continues to trade in the $3.3K mark.
The market saw $37.85 million worth of Ethereum liquidated.
As the year wraps up, the crypto market reflects a mix of triumphs and setbacks, setting a hopeful stage for 2025. With the largest asset, Bitcoin, trading at $92.5K, the largest altcoin, Ethereum, continues to confront obstacles as it battles to reclaim the $3.5K level, which acts as a crucial threshold for reaching $4K.
ETH has recently fallen back and brought its price to the $3.3K mark. This level appears to be a support floor for the asset. A breakout could either resume Ethereum’s anticipated bullish momentum or deepen its correction.
The altcoin has chosen to be bearish for the day, losing over 1.96% over the past 24 hours. ETH has formed a high of $3,425, while the low stood at $3,298. At the time of writing, Ethereum trades at $3,349.
Besides, the market has observed a liquidation of $37.85 million worth of Ethereum during this timespan, with the daily trading volume of the altcoin reaching $25.42 billion.
On the other hand, Justin Sun has deposited 29,153 ETH and 249,868 EIGEN to HTX. Since November 10, he has transferred a total of 227K ETH worth $807 million at an average price of $3,556. Most of these ETH were acquired in the first half of 2024 at around $3,036.
What lies ahead for ETH?
If Ethereum’s current trading level on the downside continues, it will test the immediate support at $3,317. Assuming a steep plunge, ETH could push its price down to test the $3.3K level or even lower. This range can be considered as a crucial point for the altcoin.
Conversely, in the case of ETH reclaiming its lost bullish momentum, the price might mount to the $3,397 resistance. If the uptrend stays, the altcoin could target a bullish range and eventually climb toward the $3,426 mark.
In addition, the Moving Average Convergence Divergence (MACD) line of Ethereum has been positioned below the signal line. This crossover signals the asset’s bearish condition and the weakening price.
ETH chart (Source: TradingView)
The Chaikin Money Flow (CMF), a technical indicator that confirms the capital flow into the asset, is found at 0.14. It signals the positive money flow with steady accumulation or buying activity. Meanwhile, the daily trading volume of ETH has increased by over 51.86%.
Moreover, the daily trading window of ETH has displayed the short-term 50-day MA below the long-term 200-day MA. The daily relative strength index (RSI) is found at 45.63. This indicates the market sentiment of the asset is neutral to slightly bearish momentum.
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