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Crypto Writer
Arslan Butt
Crypto Writer
Arslan Butt
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Ethereum has shown notable recovery, currently trading at $3,474, up 8.50% in the last 24 hours with a robust trading volume of $49.95 billion. Market analysts, including Guy Turner from CoinBureau, are closely observing ETH’s trajectory, hinting at the possibility of five-digit valuations by 2025.
His predictions are grounded in technical analysis and broader market trends, underscoring Ethereum’s potential to surpass its historical peak price.
Ethereum’s Historical Highs and New Expectations
In November 2021, Ethereum reached its all-time high of $4,878. According to Turner, breaking past this level could propel the cryptocurrency to new price tiers, with $7,300 being a key target based on Fibonacci extensions.
This 1.618 Fibonacci level is widely recognized as a critical indicator for price expansions beyond previous highs.
Despite its recent upward momentum, Ethereum continues to lose value against Bitcoin, currently trading at $98,368. Turner emphasized the importance of Ethereum regaining resistance against Bitcoin to unlock its full price potential.
However, Ethereum’s performance remains heavily influenced by Bitcoin’s trajectory, with both assets maintaining a close correlation.
Bitcoin’s Role in Ethereum’s Outlook
Turner suggests that if Bitcoin reaches $200,000 by 2025, Ethereum could potentially soar to $14,600. This projection hinges on increased investment interest in Ethereum as Bitcoin’s price ascends. The analyst believes that surpassing Ethereum’s previous all-time high would signal price discovery, unlocking new peaks for the asset.
However, Turner also advises caution, pointing out the volatility in the crypto market. While his predictions offer valuable insights, he urges investors to assess risk factors carefully before making decisions. Ethereum, currently trading at $3,686, remains under scrutiny as it navigates critical resistance and support levels.
Ethereum Technical Outlook – December 21, 2024
Ethereum’s short-term price action highlights significant resistance at $3,550, where a downward trendline converges with a supply zone. This level, previously a support area, has flipped to resistance, creating a challenging environment for bullish momentum.
Key resistance levels include $3,550, $3,717, and $3,897. On the downside, Ethereum finds immediate support at $3,252, with further levels at $3,097 and $2,940. The Relative Strength Index (RSI) stands at 46, signaling neutral to slightly bearish conditions.
Meanwhile, the 50-day Exponential Moving Average (EMA) sits below the current price, reinforcing tentative recovery trends.
A breakout above $3,550 could ignite bullish momentum, paving the way for higher targets. Conversely, failure to surpass this level may result in renewed selling pressure, with Ethereum retesting support zones.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
