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Qadir AK
Qadir AK
Author
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
- Dec 16, 2024 09:54 UTC
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Will Ethereum Price Hit ATH This Week? Key Levels to Watch
Ethereum faces resistance near $3,953, potentially causing short-term consolidation.
Despite resistance, bullish sentiment remains strong, driven by increasing whale accumulation, declining exchange supply, and strong institutional demand.
Technical analysis suggests a near-term target of $5,250, but a sustained rally requires a weekly RSI above 70.
After an impressive performance over the past two months, Ethereum (ETH) has reached an important resistance level above $3,953. This could either delay or confirm the ongoing bullish trend. With a fully diluted valuation of about $476 billion and a daily trading volume of around $30 billion, Ethereum has successfully tested its breakout from a multi-year downward trend.
Despite recent gains, Ethereum’s price may pause in the short term to attract more buyers. This comes as Bitcoin (BTC) steals the spotlight, recently pushing past $105k. As a result, the much-anticipated altseason could take longer to develop, as large-cap altcoins struggle to draw in new liquidity, with money still slowly shifting from Bitcoin.
Ethereum Whales on the Move
On-chain data from Glassnode reveals that the number of Ethereum whale addresses holding over 10k ETH has been growing rapidly. This increase in whale activity aligns with a decline in the supply of Ether on centralized exchanges, with over 95k ETH withdrawn in the past week alone.
Institutional investors are showing rising interest in Ether, particularly as a way to diversify their portfolios. U.S. spot Ether ETFs have seen over $2 billion in net inflows over the past three weeks. The BlackRock-led ETHA ETF has been a standout, with a record weekly inflow of around $854 million last week.
Ethereum nears key resistance at $3,953 will the rally continue? Read Ethereum price prediction for insights on the next move!
What Next?
It’s Looking Bullish for Ethereum!
With growing institutional demand and a strong technical setup, Ethereum’s price is targeting $5,250 in the near term, based on the daily Fibonacci extension.
However, for the rally to gain full momentum, Ethereum will need to confirm a breakout, with the weekly Relative Strength Index (RSI) rising above 70%—a level not seen since earlier this year.
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FAQs
The price of ETH might surge to a maximum of $4,332 this year.
The largest altcoin’s price could propel to a maximum of $6,925 in 2025. ETH is expected to cross the $15,575 mark by 2030.
As the altcoin season begins, the short-term gains make Ethereum a lucrative buying option. However, the long-term promises of this programmable blockchain make it a viable long-term crypto investment.
Yes 
No 
