Analyst Reveals Key Ethereum Support Zone Amid $4,000 Price Struggle

Name	Symbol	Market	Market Cap ($)	Algorithm
Ethereum	ETHUSD	Crypto	475,289,569,430	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Ethereum

ETHUSD

Crypto

475,289,569,430

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-2.87	-0.07%	3,951.47	3,951.46	3,951.47

Price Change

Price Change %

Current Price

Bid Price

Offer

-2.87

-0.07%

3,951.47

3,951.46

3,951.47

High Price	Low Price	Open Price	Prev. Close	52 Week Range
4,022.37	3,926.93	3,950.53	3,954.33	2,080.02 - 4,096.00

High Price

Low Price

Open Price

Prev. Close

52 Week Range

4,022.37

3,926.93

3,950.53

3,954.33

2,080.02 - 4,096.00

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	09:31:17	0.001000	3,951.47	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

09:31:17

0.001000

3,951.47

USD

Price x Volume	Volume	Base Symbol	Related Pairs
491,400,711.98	123,505.68	ETH	ETHEUR	ETHGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

491,400,711.98

123,505.68

Analyst Reveals Key Ethereum Support Zone Amid $4,000 Price Struggle

15/12/2024 10:00am

NEWSBTC

Following a market rebound, Ethereum (ETH) has shown only sideways movement in the past few days as the battle to break beyond the $4,000 price region continues. While investors continue speculating on the asset’s next movement, the recent development of a new support region hints at a continued upward trajectory. Related Reading: Ethereum On-Chain Metrics Looking Strong – Momentum Building For ETH? ETH Bulls Form Strong Support At $3,700 – $3,810 In an X post on December 14, crypto analyst Ali Martinez revealed the formation of a critical support zone in the Ethereum market. Based on data from IntoTheBlock, Martinez shares that 3 million distinct wallets acquired 4.6 million ETH, valued at $17.6 billion, at prices between $3,700-$3,810 with an average market price of $3,751. Such high level of accumulation activity identifies this price range as a significant zone of investor interest. Importantly, this heightened buying pressure converts $3,700-$3,810 to a vital support zone as market bulls will be compelled to defend this price range in the case of a price decline. Furthermore, despite Ethereum’s struggle to make any meaningful breakout past $4,000 so far, investors purchasing massive amounts of ETH at high price levels indicates market confidence in the asset’s ability to move past the presented resistance and sustain its price growth. However, it is worth noting that Ethereum losing this support zone due to an overwhelming bearish sentiment will result in immediate substantial losses that can induce a further price decline. If this market scenario occurs, ETH could slide as low as $3,565, with the next available support level being $3,303. Related Reading: Bitcoin Confidence Grows As Binance Data Highlights Surprising Market Trends Ethereum Records Eight-Month High Network Growth In other developments, the prominent blockchain analytics platform Santiment reports Ethereum is experiencing an impressive level of renewed market interest. In a recent X post, Santiment states that an average of 130,200 new addresses are being created on the Ethereum network each day in December – the highest ever since April. This rise in new wallets suggests an influx of retail and institutional investors as evidenced by multiple developments including Ethereum’s price performance in Q4 2024, a booming DeFi ecosystem as well as the recent bullish performance of the spot Ethereum ETFs. In terms of implications, this rapid network growth can boost network activity, transaction volume, and ETH demand thereby resulting in a further price increase. At the time of writing, Ethereum trades at $3,885 with a decline of 0.99% in the past day. Albeit, this loss only underscores the turbulent past trading week where Ethereum dipped by a cumulative 2.75%. Featured image from Bankrate, chart from Tradingview

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