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Home Ethereum

Ethereum rally: Will $3.5K support trigger a recovery for ETH? 

December 11, 2024
in Ethereum
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Journalist

Posted: December 11, 2024

  • ETH has stabilized at $3.5K despite an aggressive $400M sell-off. 
  • Here’s why $3.7K and $3.8K could be reachable in the short term. 

Ethereum’s [ETH] recent sell-off hit levels last seen in 2021 peak, but the altcoin firmly held above $3.5K. 

According to CryptoQuant, the ETH monthly average sell-off hit $400 million in negative net taker volume, rivaling the selling pressure experienced when the altcoin peaked at $4.8K last cycle.

Ethereum rally

Source: CryptoQuant

Ethereum rally: $3.5K support

However, analysts believe the altcoin could be far from peaking this cycle. Since late November, ETH has held above the $3.5K support level, and the recent aggressive sell-off was halted at this level.

This has reinforced the $3.5K level as a key short-term support for ETH’s potential upside move.

Ethereum rally

Source: ETH/USDT, TradingView

Market analyst Eugene Ah Sio shared a similar outlook but warned that a drop below $3.5K could dent market sentiment on the ETH and the overall altcoin market. 

Marking key support levels for top majors (BTC, ETH, SOL), he said, 

“94k/3.5k/200. These are the levels I think market has established as key support levels. Lose this and all of a sudden holding alts in your pf don’t seem like a good idea anymore. Hold these levels and it’s still game on.” 

That said, the demand from US spot ETH ETFs remained strong, despite apparent profit-taking for some holders. On the 10th of December, the products logged $305.74M in daily inflows. 

ETH rally

Source: Soso Value

This marked twelve consecutive days of inflows, reinforcing a strong bounce above $3.5K.

See also  Whales Withdraw $64 Million ETH From Exchanges, Bullish Signal?

So, how far can ETH price go from this support? The Hyblock liquidation heatmap data offers insights into key short-term levels that ETH could target.

According to the latest liquidation levels, which show a high concentration of leveraged positions, the immediate upside levels are $3.69K and $3.72K. Other targets include $3.8K, $3.9K, and $4K.

These are leveraged short positions that could attract price through a liquidity hunt. The leveraged positions at $3.5K have been tapped, increasing the odds of ETH reaching these upside liquidity levels.


Read Ethereum [ETH] Price Prediction 2024-2025


ETH rally

Source: Hyblock

On the lower side, two more liquidity levels, $3.4K and $3.38K, were present. If ETH slips lower, these could be the next key support.

Previous: Bitcoin mining sell-off raises concerns: 771 BTC sold in 24 hours!
Next: DOGE worth $56M moved by whales: Odds of a Dogecoin rally now are…

READ ALSO

Ethereum Looks Ready To Break Out Of 4-Year Consolidation, Analyst Says Price Will ‘Go Insane’

Binance loses 300K ETH – Here’s what it means for bulls eyeing $2.7K

Avatar

Journalist

Posted: December 11, 2024

  • ETH has stabilized at $3.5K despite an aggressive $400M sell-off. 
  • Here’s why $3.7K and $3.8K could be reachable in the short term. 

Ethereum’s [ETH] recent sell-off hit levels last seen in 2021 peak, but the altcoin firmly held above $3.5K. 

According to CryptoQuant, the ETH monthly average sell-off hit $400 million in negative net taker volume, rivaling the selling pressure experienced when the altcoin peaked at $4.8K last cycle.

Ethereum rally

Source: CryptoQuant

Ethereum rally: $3.5K support

However, analysts believe the altcoin could be far from peaking this cycle. Since late November, ETH has held above the $3.5K support level, and the recent aggressive sell-off was halted at this level.

See also  Litecoin beats Bitcoin, Ethereum in usage, so why is LTC still bearish?

This has reinforced the $3.5K level as a key short-term support for ETH’s potential upside move.

Ethereum rally

Source: ETH/USDT, TradingView

Market analyst Eugene Ah Sio shared a similar outlook but warned that a drop below $3.5K could dent market sentiment on the ETH and the overall altcoin market. 

Marking key support levels for top majors (BTC, ETH, SOL), he said, 

“94k/3.5k/200. These are the levels I think market has established as key support levels. Lose this and all of a sudden holding alts in your pf don’t seem like a good idea anymore. Hold these levels and it’s still game on.” 

That said, the demand from US spot ETH ETFs remained strong, despite apparent profit-taking for some holders. On the 10th of December, the products logged $305.74M in daily inflows. 

ETH rally

Source: Soso Value

This marked twelve consecutive days of inflows, reinforcing a strong bounce above $3.5K.

So, how far can ETH price go from this support? The Hyblock liquidation heatmap data offers insights into key short-term levels that ETH could target.

According to the latest liquidation levels, which show a high concentration of leveraged positions, the immediate upside levels are $3.69K and $3.72K. Other targets include $3.8K, $3.9K, and $4K.

These are leveraged short positions that could attract price through a liquidity hunt. The leveraged positions at $3.5K have been tapped, increasing the odds of ETH reaching these upside liquidity levels.


Read Ethereum [ETH] Price Prediction 2024-2025


ETH rally

Source: Hyblock

On the lower side, two more liquidity levels, $3.4K and $3.38K, were present. If ETH slips lower, these could be the next key support.

Previous: Bitcoin mining sell-off raises concerns: 771 BTC sold in 24 hours!
Next: DOGE worth $56M moved by whales: Odds of a Dogecoin rally now are…
Tags: 3.5KETHEthereumrallyrecoverysupporttrigger

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    Additionally, Vibromera has made the Balanset-1A exceptionally affordable. Priced at just €1751 , it offers excellent value for money, especially considering the complete package.

    The complete package includes:

    • Measurement unit: The heart of the system, analyzing sensor data and guiding the balancing process.
    • Two vibration sensors: They accurately capture the rotor’s vibrational characteristics.
    • Optical sensor (laser tachometer): Used for measuring rotational speed and phase counting .
    • Magnetic stand: Provides reliable and versatile mounting of sensors.
    • Electronic scales: Necessary for accurate weight adjustment during balancing.
    • Software: User-friendly software accompanies the balancing process and provides comprehensive reports.
    • Transport case: Ensures safe and convenient transportation of the entire system.

    With this complete package, users have everything needed to perform both single-plane and two-plane balancing without additional preparation . This eliminates the need to purchase extra parts and simplifies the setup process.

    In conclusion, the Balanset-1A represents a important step forward in making rotor balancing straightforward . With an emphasis on ease of use and offering a comprehensive and budget-friendly solution, Vibromera empowers maintenance teams to effectively eliminate rotor imbalance, ultimately enhancing durability and reducing downtime. The Balanset-1A proves that with the necessary tools, even challenging maintenance tasks can be made easy and understandable by everyone .

    Instagram: https://www.instagram.com/vibromera_ou/
    Youtube : https://youtu.be/guA6XJ-ArZM?si=vmkuX7RILzKBl0zL
    Our website about Elimination of compressor vibration

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