Ethereum Technical Analysis Report 10th December 2024
Ethereum faced rejection at $4,094 on December 6, as sellers aggressively defended the level, signaling strong bearish resistance. The price is now at risk of retreating towards the 20-day EMA ($3,633), a critical support zone in the short-term. A sustained move below this level could indicate a shift in momentum. On the institutional front, inflows into Ethereum-focused investment products hit a record $1.2 billion last week, surpassing the volumes seen when U.S. spot ETH ETFs were first approved by the SEC in July. This highlights the growing demand for Ethereum as a key asset in the evolving crypto landscape.
At the time of writing, ETH was trading at $3,662.
ETH, after giving a breakout above $3,500, rallied up to $4,087. The asset however, failed to give a daily closing and sustain above the psychological level of $4,000 and witnessed a correction. The prices fell almost by 14% and dropped to $3,509. ETH has a strong support at $3,500 and $3,300, whereas $3,750 and $4,000 will act as strong resistance for the asset.
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2 |
| $3,350 | $3,500 | ETH | $3,750 | $4,000 |
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