Analyst Sees ‘Highly Bullish’ 2025, Is The Bleed Over?
Ethereum (ETH) has started climbing higher after falling to the $3,100 support area last week. The second-largest cryptocurrency is trying to break out of a downward trend, with some market observers saying it is poised for a sharp rise in 2025.
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Key levels for Ethereum to reclaim
With just one week left until 2024, some market observers are already predicting the potential performance of the cryptocurrency market next year. Although recently callbackSeveral analysts predict that Ethereum will perform well in 2025.
The altcoin king has been struggling to turn the $4,000 level into support. After breaking above this level earlier this month, ETH has been denied entry into this price range three times. Its latest attempt came a week ago, when Ethereum surged to $4,100 before retreating 7.3%.
As Bitcoin (BTC) fell to $92,000, the second-largest cryptocurrency continued its free fall to the $3,100 support zone, reaching its lowest price in a month. Since then, Ethereum has been hovering between $3,200 and $3,550, but has failed to break out of the higher areas of this price range over the past four days.
However, the cryptocurrency has broken above the downtrend line and is trying to reclaim the $3,500 support. cryptocurrency analyst famous After reclaiming support at $3,400, ETH appears to have broken out and retested its weekly downtrend.
The post claimed that a “complete breakout” of this downtrend could cause the cryptocurrency to retest higher levels. Ali Martinez Highlight The next big support area for ETH is the $3,032 to $3,132 price range, with 3.69 million addresses purchasing 4.85 million ETH.
Meanwhile, Ethereum’s next big resistance wall is between $3,640 and $3,740, with more than 2 million addresses purchasing approximately 4.3 million ETH. For Martinez, “Sustained closes outside this no-trade zone will determine the direction of ETH’s trend.”
Will ETH follow its 2021 performance?
Analyst Ted Pillow tip noted that “the first four months after the U.S. election are typically very bullish for ETH.” According to the chart, Ethereum made huge gains in the first third after the U.S. elections in 2016 and 2020.
In 2017, Ethereum rose 31.92% in the first month of the year, while in January 2021 it soared 78.51%. In both years, ETH hit monthly performance peaks between March and April, with returns of 214% and 44% in 2017 and 2021 respectively.
If Ethereum repeats this history Performanceits price could surge to an all-time high (ATH) of $4,878 in January and continue climbing throughout the remainder of the first quarter.
Cryptocurrency trader Immortal noted that Ethereum’s recent performance is similar to its 2020-2021 price action. According to the chart, ETH surged higher in early 2021 before consolidating in a new range. This was followed by a breakout and sharp decline, retesting the consolidation area.
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However, when ETH resumed breakout levels in 2021, the cryptocurrency continued to rally towards its previous $4,300 level, eventually reaching its current top levels by the end of the year.
Traders noted that ETH is Retest The consolidation range comes after last week’s decline, suggesting the cryptocurrency could surge higher in the coming weeks if it follows a similar path. As of this writing, Ethereum is trading at $3,501, up 6.3% in the past 24 hours.
Featured image from Unsplash.com, chart from TradingView.com
