Ethereum Technical Analysis Report | 24th December 2024
Ethereum (ETH) closed below the 50-day Simple Moving Average (SMA) at $3,432 on December 21, signaling a shift in favor of the bears. Despite this setback, Ethereum has demonstrated remarkable resilience, reaching the $4,000 mark twice in recent monthsan achievement that has reignited conversations about its strength and dominance in the blockchain space. Currently, the bulls are attempting to mount a recovery, but this effort is likely to encounter resistance near the 20-day Exponential Moving Average (EMA) at $3,594. This critical level will determine whether Ethereum can regain upward momentum or remain under pressure from sellers.
At the time of writing, ETH is trading at around $3,390.
ETH faced a stiff resistance above the $4,000 mark. The asset reached a high of $4,107 but failed to close above $4,000 on a daily basis, subsequently witnessing a sharp correction. Prices fell by nearly 24.5%, dropping to $3,101. Post this move, ETH is consolidating within the $3,200 to $3,500 range, accompanied by low trading volumes. The asset has a strong support at $3,000, while $3,500 is expected to act as a significant resistance.
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2 |
| $3,000 | $3,150 | ETH | $3,500 | $3,750 |
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