TLDR
- ETH currently trading at $3,929.46 with a 7.39% daily increase and 2.17% weekly gain
- Van de Poppe predicts bull run to continue into 2025 if ETH breaks $3,800 resistance
- Strong support at $3,715 according to IOMAP metrics suggests buyer confidence
- Key resistance levels between $3,830-$4,274 with potential targets of $4,096 and $4,500
- Critical support level at $3,505 must hold to maintain bullish outlook
Ethereum’s price momentum continues to build as the leading smart contract platform approaches the psychologically important $4,000 level. Trading data shows ETH has gained over 7% in the past 24 hours, reaching $3,929.46 as buyers step in at crucial support levels.
The recent price action has caught the attention of veteran crypto analyst Michael van de Poppe, who sees the current consolidation phase as a healthy pullback within a larger upward trend. According to van de Poppe, ETH’s ability to maintain support above $3,715 signals strong buyer interest at current levels.
Technical indicators paint an optimistic picture for Ethereum’s near-term prospects. The In/Out of Money Around Price (IOMAP) metric reveals substantial buying activity clustering around the $3,715 price point, suggesting this level could serve as a springboard for future moves higher.
Market data shows ETH has posted impressive gains over multiple timeframes, with a 7.39% increase over the past day and 2.17% growth over the week. This steady appreciation comes despite some resistance encountered near the $4,000 mark.
$ETH actually provides an excellent opportunity to accumulate.
Standard correction after testing a new resistance area.
I expect we’ll continue to run from later this month into the new year. pic.twitter.com/zFSwvtFvDH
— Michaël van de Poppe (@CryptoMichNL) December 11, 2024
Trading volume patterns indicate growing institutional interest in Ethereum. Professional traders appear to be using the recent consolidation phase as an opportunity to accumulate ETH at what they consider attractive price levels below $4,000.
Van de Poppe identifies several key price zones that could determine ETH’s trajectory in the coming months. The immediate resistance band lies between $3,830 and $4,274, with potential targets at $4,096 and $4,500 if these levels are breached decisively.
The current market structure suggests a continuation of the upward trend, provided ETH maintains support above $3,505. This level represents a crucial floor that bulls must defend to preserve the positive momentum.
Recent price action shows ETH finding steady support during dips, indicating healthy market dynamics. Buyers have consistently stepped in to absorb selling pressure, preventing any sustained moves below key support levels.
Looking at broader market indicators, Ethereum’s network metrics continue to show robust activity. Transaction volumes and active addresses remain elevated, supporting the case for sustained price appreciation.
Van de Poppe’s analysis suggests the current consolidation phase could set up ETH for an extended bull run lasting into 2025. This projection assumes the cryptocurrency can successfully break above the $3,800 resistance zone.
The analyst notes that while temporary pullbacks are normal within bull markets, the overall trend remains positive as long as ETH holds above $3,505. A break below this level could trigger a retreat toward $3,182.
Market participants appear to be positioning for further upside, with derivatives data showing increasing long positions at current price levels. This accumulation pattern often precedes sustained price moves higher.
Recent trading sessions have seen ETH repeatedly testing the $3,800 resistance level, suggesting building pressure for a potential breakout. The repeated tests of this level without sharp rejections indicate growing buyer confidence.
Order book data reveals strong bid support has formed in the $3,700-$3,800 range, providing a cushion against potential downside moves. This price floor appears well-defended by buyers looking to accumulate positions.
The most recent price data shows ETH trading at $3,929.46, maintaining its position above key moving averages and technical support levels as market participants await a potential break above $4,000.
