Ethereum Technical Analysis Report 3rd December 2024
Ether continues to hold above its downtrend line, indicating resilience from the bulls. However, upward momentum is facing resistance near the $3,900 mark. Sellers may attempt to regain control by pushing the price below the 20-day EMA ($3,379), but strong buying interest is expected on any dips. A sustained break below this level could suggest that the recent breakout was a false signal or bull trap. Meanwhile, Ether-focused investment funds have experienced unprecedented net inflows of $2.2 billion in 2024, surpassing the previous record of around $2 billion set in 2021. This highlights growing institutional interest and confidence in the cryptos long-term prospects.
At the time of writing, ETH was trading at $3,646.
ETH, after giving the range breakout ($2,350 to $2,7500), surged almost by 25% up to $3,442. Post this move, the asset witnessed some profit booking and corrected to $3,015. ETH took multiple support at $3,000 and rallied up to $3,760. ETH has a strong resistance at $3,750. Once it breaks and sustains above this level then we can expect it to rally further up to $4,000, whereas $3,300 and $3,000 will act as a strong support for the asset.
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2 |
| $3,000 | $3,350 | ETH | $3,750 | $4,000 |
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