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Ethereum Technical Analysis Report – 17th December 2024
As of the current market situation, it can be seen that ETH has been steadily advancing towards the $4,094 level. It is anticipated that sellers will likely challenge the bullish momentum at this crucial resistance point.
The moving averages are currently trending upward, accompanied by an RSI reading above 61, which indicates that the prevailing trend remains favorable for further gains in the Ethereum market. Furthermore, it has been observed that Ethereum whales have been actively accumulating aggressively since late November, reflecting growing confidence among large holders.
This pattern of accumulation has historically been a precursor to significant price movements, hinting at the potential of a breakout on the horizon. As of now, ETH is trading at $4,014.
The recent history of 2024 has seen ETH rally up to $4,087 following a breakout above $3,500. The asset subsequently witnessed profit booking at a higher level and dropped by almost 14% to reach $3,509. However, ETH took good support at the $3,500 mark and surged back up to $4,107.
Unfortunately, it failed to give a daily closing above $4,000. It is expected that once ETH provides a daily closing above this crucial level and maintains prices above $4,100, we may see further gains up to $4,500.
The following chart illustrates the Ethereum price action:
Asset | Resistance 1 | Support 2 | Support 1
—————– ————– ————– ————-
ETH | $4,100 | $3,750 | $3,500
Source: zebpay.com
