Ethereum Price Forecast: Can ETH surpass $3,450 this month?
Can ETH hit $3,265 resistance this week?
Hey, Crypto Folks!
Ethereum dances between gains and pullbacks, holding $3,200 while battling resistance. Can ETH break through or face a dip? Here’s what to watch next! 👀
Ethereum Price Update: Key Levels in Focus
Ethereum price today: $3,025.
Ethereum recently failed to maintain gains above the $3,450 resistance, following a trend similar to Bitcoin as per Coinpedia Markets.
After a downward correction, ETH slipped below important support levels at $3,250 and $3,120.
The current support rests around $3,031, with consolidation in progress near $3,120, hinting at potential price movement soon.
Ethereum Price Hits Support
First Resistance at $3,200: ETH faces its first hurdle near $3,200, where price may meet resistance from the 100-hour Simple Moving Average.
Critical Barrier at $3,265: The 76.4% Fibonacci retracement level, close to $3,265, could act as a pivot point for a possible breakout.
Upside Potential to $3,450: If Ethereum price clears the $3,320 level, it could aim to test the significant $3,450 resistance zone—a potential milestone towards new highs.
Bearish Scenario: More Losses In ETH?
If Ethereum cannot clear the $3,200 level, further downside movement may occur.
Key Support Levels:
$3,040: The first support level if the downtrend continues.
$3,000: A psychological support line, which, if broken, may lead to further losses.
Downside Targets of $2,950 and $2,880: In a prolonged bearish trend, these levels are possible.
ETH Whale Activity: Strong Accumulation Signals Bullish Sentiment
A new Ethereum whale address has emerged, showing substantial accumulation. According to Lookonchain, this address amassed 7,389.5 ETH in just 24 hours.
Total Holdings: Since November 9, this wallet has gathered over 18,000 ETH at an average of $3,201, totaling roughly $57.8 million.
Significance: Whale accumulation often signals long-term institutional interest, providing a positive indicator for Ethereum’s outlook.
On-Chain Metrics: Positive ETF Flows and High-Value Transactions
ETF Inflows: Ethereum ETFs have recorded six consecutive days of inflows, totaling $796.2 million—a strong sign of institutional interest.
Large Transactions: Daily transactions over $100,000 have surged, marking the highest activity since August.
Concerns to Watch:
Exchange Reserves: Rising reserves could mean increased selling pressure as more ETH is moved to exchanges.
Staking Outflows: Over $300 million in ETH was unstaked in the last 48 hours, hinting at possible selling pressure.
Ethereum Price Prediction: Is a New All-Time High Likely?
Upside Potential: A rally above $3,265 could set Ethereum on a path toward $3,320, possibly even $3,450, as it tests the upper resistance levels.
Risks: If resistance holds, ETH may slip toward $3,000 or lower, challenging bullish predictions in the short term.
Outlook: While institutional interest and whale accumulation suggest long-term potential, Ethereum must clear critical technical levels for a sustainable upward move.
Ethereum's future hinges on breaking resistance at $3,265 to approach new highs, while a drop below $3,000 could spell risk. Whale accumulation and ETF inflows spark cautious optimism!