As 2024 draws to a close, it’s shaping up to be a positive year for cryptocurrencies. After an exceptional November with Bitcoin surging nearly 40%, could December prove more challenging? Meanwhile, Ethereum has had a mixed year, with investors expecting more from the second-largest crypto by market cap. Will ETH reclaim its momentum soon? Let’s dive into the latest ETH update.
Ethereum Price Drops 2% in 24 Hours
Over the past 24 hours, the Ethereum price has declined by 2%. However, ETH remains in the green over a three-month period against the USD:
| Pair | 1H | 24H | 7D | 1M | 3M | 6M |
|---|---|---|---|---|---|---|
| ETH/BTC | -0.46% | -0.16% | +5.05% | +5.43% | -10.94% | -29.68% |
| ETH/USDT | -1.14% | -1.94% | +7.01% | +44.68% | +47.90% | -7.30% |
| ETH/USD | -1.13% | -1.93% | +7.05% | +44.77% | +47.83% | -7.22% |
Performance of Ethereum against major pairs. Source: Coincheckup
Notably, ETH has outperformed Bitcoin over the past week (+5%) and month (+5.4%). Despite this bullish momentum, the ETH/BTC pair remains in the red over three- and six-month periods.
Ethereum Could Retest March Highs
Following Bitcoin’s lead, ETH is gradually climbing but remains far below its 2021 all-time high (ATH). However, after breaking the $3,500 resistance**, ETH may **retest March highs near $4,000:
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Key levels to watch:
- **Support at $3,500**: A hold here could propel ETH toward $4,000.
- Institutional bias (EMA 9/18): A drop below $3,500 may see ETH test the **$2,900 support**.
Currently, buyers dominate momentum, with the RSI breaking a downtrend line and showing higher lows and highs.
Will ETH Bounce from $3,500 Support?
ETH has displayed strong daily momentum since August, with clear higher lows and highs. The price recently faced rejection at $3,800 resistance** but may rebound from the **bullish EMA 9/18 averages and $3,500 support:
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Critical scenarios:
- Break above $3,800: Could extend ETH’s uptrend.
- Loss of $3,500**: Might trigger a drop to **$3,250 support.
The RSI is nearing a rising trendline, suggesting a potential rebound to maintain bullish momentum.
FAQ Section
1. What’s driving Ethereum’s current price action?
Ethereum is influenced by broader crypto market trends, Bitcoin’s performance, and key technical levels like $3,500 support.
2. Can ETH reach $4,000 by year-end?
If ETH holds $3,500 and breaks $3,800, a retest of $4,000 is plausible. However, market volatility remains a factor.
3. How does ETH’s performance compare to Bitcoin?
ETH has outperformed BTC recently (+5% weekly) but lags in longer-term ETH/BTC pair performance.
4. What risks should Ethereum traders watch for?
A drop below $3,500 could signal a deeper correction toward $2,900–$3,250.
5. How might Fed rate cuts impact Ethereum?
Lower rates could boost crypto liquidity, potentially fueling ETH’s upward momentum.
Authored by crypto_me: A sommelier-turned-crypto analyst passionate about technical analysis and market insights. Stay tuned for more updates!
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