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Ethereum has demonstrated significant recovery, currently priced at $3,474, reflecting an increase of 8.50% over the past 24 hours, accompanied by a strong trading volume of $49.95 billion. Market analysts, including Guy Turner from CoinBureau, are closely monitoring ETH’s path, suggesting the potential for five-digit valuations by 2025.
His forecasts are based on technical analysis and overarching market trends, highlighting Ethereum’s capability to exceed its historical peak price.
Ethereum’s Historical Highs and New Expectations
In November 2021, Ethereum achieved its all-time high of $4,878. Turner notes that surpassing this threshold could lead the cryptocurrency to new price levels, with $7,300 identified as a significant target according to Fibonacci extensions.
This 1.618 Fibonacci level is widely acknowledged as an essential indicator for price growth beyond previous peaks.
Despite its recent upward trend, Ethereum continues to depreciate against Bitcoin, currently trading at $98,368. Turner stressed the necessity for Ethereum to regain resistance against Bitcoin to realize its full price potential.
Source: Guy Turner/YouTube
Nonetheless, Ethereum’s performance is significantly affected by Bitcoin’s movements, with both assets exhibiting a close correlation.
Bitcoin’s Role in Ethereum’s Outlook
Turner proposes that if Bitcoin reaches $200,000 by 2025, Ethereum could potentially rise to $14,600. This estimate relies on heightened investment interest in Ethereum as Bitcoin’s price increases. The analyst believes that exceeding Ethereum’s previous all-time high would indicate price discovery, unlocking new heights for the asset.
However, Turner also advises caution, noting the volatility present in the crypto market. While his forecasts provide valuable insights, he encourages investors to carefully evaluate risk factors before making decisions. Ethereum, currently trading at $3,686, remains under observation as it navigates crucial resistance and support levels.
Ethereum Technical Outlook – December 21, 2024
Ethereum’s short-term price movements reveal significant resistance at $3,550, where a downward trendline intersects with a supply zone. This level, once a support area, has now turned into resistance, creating a challenging environment for bullish momentum.
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Ethereum faces key resistance at $3,550, a critical level where a downward trendline meets a supply zone. A breakout could pave the way to $3,717 and $3,897, while failure risks retesting support at $3,252. RSI at 46 signals neutral momentum. #Ethereum #Crypto #ETH pic.twitter.com/f0qCZ2IZBO
— Arslan Ali (@forex_arslan) December 21, 2024
Key resistance levels include $3,550, $3,717, and $3,897. On the downside, Ethereum finds immediate support at $3,252, with additional levels at $3,097 and $2,940. The Relative Strength Index (RSI) is at 46, indicating neutral to slightly bearish conditions.
Meanwhile, the 50-day Exponential Moving Average (EMA) is positioned below the current price, reinforcing tentative recovery trends.
A breakout above $3,550 could trigger bullish momentum, leading to higher targets. Conversely, failure to exceed this level may result in renewed selling pressure, with Ethereum retesting support zones.
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