Ethereum Technical Analysis Report 17th December 2024
Ether has been steadily advancing toward the $4,094 level, a key resistance point where sellers will likely challenge the bullish momentum. The upward-sloping moving averages and an RSI reading above 61 indicate that the prevailing trend remains favourable for further gains. Ethereum whales have accumulated aggressively since late November, reflecting growing confidence among large holders. This pattern of accumulation has historically been a precursor to major price movements, suggesting a potential breakout could be on the horizon.
At the time of writing, ETH was trading at $4,014.
Ethereum Movements during 2024
During 2024 ETH rallied up to $4,087 after giving a breakout above $3,500. Post this move, the asset witnessed profit booking at a higher level and the prices fell almost by 14% and dropped to $3,509. ETH took good support at $3,500 and surged up to $4,107. However, it failed to give a daily closing above $4,000. Once ETH gives a daily closing above the $4k mark and sustains above $4,100 then we may expect it to further rally up to $4,500.
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2 |
| $3,500 | $3,750 | ETH | $4,100 | $4,500 |
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