{"id":661992,"date":"2024-12-13T09:30:17","date_gmt":"2024-12-13T09:30:17","guid":{"rendered":"https:\/\/wncen.com\/?p=661992"},"modified":"2024-12-13T04:59:39","modified_gmt":"2024-12-13T04:59:39","slug":"ethereum-analysts-eye-4100-target-as-eth-reclaims-key-support-level","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/ethereum-analysts-eye-4100-target-as-eth-reclaims-key-support-level\/","title":{"rendered":"Ethereum: Analysts Eye $4,100 Target As ETH Reclaims Key Support Level"},"content":{"rendered":"

Ethereum (ETH) has seen a significant 4.7% recovery in the last 24 hours, reclaiming a crucial support zone. This performance has fueled a bullish sentiment among some market watchers, who consider the cryptocurrency to break above a key resistance level in the coming days.<\/p>\n

Related Reading: Bitcoin Sees First Close Above $100,000, But Is A Big Correction Coming?<\/a><\/div>\n

Ethereum Reclaims Key Support<\/h2>\n

Nearly a week ago, Ethereum jumped above $4,000 for the first time in nine months, nearing its march-high and the long-awaited $4,100 resistance level. However, the cryptocurrency\u2019s rally was momentarily paused after the crypto market saw a significant pullback.<\/p>\n

Earlier this week, ETH retraced<\/a> nearly 10%, dipping below the $3,500 mark as Bitcoin retraced to $95,000. After the retrace, the second-largest crypto by market capitalization has steadily climbed back, recovering the $3,800 support zone on Wednesday afternoon.<\/p>\n

ETH\u2019s price then rose another 2% in the early hours of Thursday to trade above the $3,900 level again. As Ethereum reclaimed this key zone, Crypto analyst Carl Runefelt noted<\/a> that the cryptocurrency was trading back above its ascending support trendline, which it had lost during the market correction.<\/p>\n

Additionally, the King of Altcoins was retesting a six-day downtrend line in the 4-hour chart, which would target a surge toward $4,000 after a successful breakout from the $3,940 mark.<\/p>\n

Ethereum broke above this resistance in the following hours, surging to a daily high of $3,985 before retracing to $3,945. Per the analyst, holding above this level could propel ETH\u2019s price to $4,100 in the coming days.<\/p>\n

ETH To $5,000 Soon?<\/h2>\n

According to some analysts, despite reclaiming the $3,900 zone, Ethereum still needs to turn another multi-year resistance into support successfully. Analyst Alex Clay recently<\/a> pointed out that ETH has been retesting the $9,350 level since 2021, unsuccessfully turning it into support over the past few years.<\/p>\n

Ethereum has faced rejection at this resistance level on four different occasions. However, when ETH broke and held this level, it rallied toward its all-time high (ATH) of $4,878 around three years ago.<\/p>\n

Crypto analyst Jelle suggested<\/a> that Ethereum is preparing for massive moves as it recently broke out of a multi-year pennant. ETH-based Exchange-traded funds (ETFs) have seen a massive surge since the post-election rally.<\/p>\n

As Farside Investors data<\/a> shows, ETH ETFs have seen over $500 million in inflows this week and over $1.3 billion since this month started. This signals increased demand from institutional players, adding to the cryptocurrency\u2019s momentum.<\/p>\n

Related Reading: Analyst Sounds The Alarm As Solana (SOL) Retests $210, Rebound Or Retrace Next?<\/a><\/div>\n

Moreover, the Donald Trump-backed DeFi project World Liberty Financial Initiative (WLFI) acquired around $10 million in ETH yesterday.\u00a0Lookonchain said<\/a><\/span>\u00a0the WLFI wallet bought 2,631 ETH at $3,801 per token.<\/p>\n

To Jelle, this \u201clooks like ETH season just got the ‘go ahead’ nod from institutions.\u201d If Ethereum reclaims the $3,950 resistance into support, there will be \u201cvery little standing in the way of new all-time highs from here,\u201d the analyst added.<\/p>\n

He forecasted that Ethereum could<\/a> hit $5,000 after breaking out and that 2025 will be a \u201ccomeback year for ETH.\u201d \u00a0As of this writing, ETH is trading at $3,951, a 4.7% surge in the daily timeframe.<\/p>\n

\"Ethereum,
Ethereum’s performance in the one-week chart. Source: ETHUSDT on TradingView<\/a><\/figcaption><\/figure>\n
Featured Image from Unsplash.com, Chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Ethereum (ETH) has seen a significant 4.7% recovery in the last 24 hours, reclaiming a crucial support zone. This performance has fueled a bullish sentiment among some market watchers, who consider the cryptocurrency to break above a key resistance level in the coming days. Related Reading: Bitcoin Sees First Close Above $100,000, But Is A Big Correction Coming? Ethereum Reclaims Key Support Nearly a week ago, Ethereum jumped above $4,000 for the first time in nine months, nearing its march-high and the long-awaited $4,100 resistance level. However, the cryptocurrency\u2019s rally was momentarily paused after the crypto market saw a significant pullback. Earlier this week, ETH retraced nearly 10%, dipping below the $3,500 mark as Bitcoin retraced to $95,000. After the retrace, the second-largest crypto by market capitalization has steadily climbed back, recovering the $3,800 support zone on Wednesday afternoon. ETH\u2019s price then rose another 2% in the early hours of Thursday to trade above the $3,900 level again. As Ethereum reclaimed this key zone, Crypto analyst Carl Runefelt noted that the cryptocurrency was trading back above its ascending support trendline, which it had lost during the market correction. Additionally, the King of Altcoins was retesting a six-day downtrend line in the 4-hour chart, which would target a surge toward $4,000 after a successful breakout from the $3,940 mark. Ethereum broke above this resistance in the following hours, surging to a daily high of $3,985 before retracing to $3,945. Per the analyst, holding above this level could propel ETH\u2019s price to $4,100 in the coming days. ETH To $5,000 Soon? According to some analysts, despite reclaiming the $3,900 zone, Ethereum still needs to turn another multi-year resistance into support successfully. Analyst Alex Clay recently pointed out that ETH has been retesting the $9,350 level since 2021, unsuccessfully turning it into support over the past few years. Ethereum has faced rejection at this resistance level on four different occasions. However, when ETH broke and held this level, it rallied toward its all-time high (ATH) of $4,878 around three years ago. Crypto analyst Jelle suggested that Ethereum is preparing for massive moves as it recently broke out of a multi-year pennant. ETH-based Exchange-traded funds (ETFs) have seen a massive surge since the post-election rally. As Farside Investors data shows, ETH ETFs have seen over $500 million in inflows this week and over $1.3 billion since this month started. This signals increased demand from institutional players, adding to the cryptocurrency\u2019s momentum. Related Reading: Analyst Sounds The Alarm As Solana (SOL) Retests $210, Rebound Or Retrace Next? Moreover, the Donald Trump-backed DeFi project World Liberty Financial Initiative (WLFI) acquired around $10 million in ETH yesterday.\u00a0Lookonchain said\u00a0the WLFI wallet bought 2,631 ETH at $3,801 per token. To Jelle, this \u201clooks like ETH season just got the ‘go ahead’ nod from institutions.\u201d If Ethereum reclaims the $3,950 resistance into support, there will be \u201cvery little standing in the way of new all-time highs from here,\u201d the analyst added. He forecasted that Ethereum could hit $5,000 after breaking out and that 2025 will be a \u201ccomeback year for ETH.\u201d \u00a0As of this writing, ETH is trading at $3,951, a 4.7% surge in the daily timeframe. Featured Image from Unsplash.com, Chart from TradingView.com<\/p>\n","protected":false},"author":614,"featured_media":576067,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[26263,92978,10923,89756,8480,8323,1946,90181,78803,4313],"class_list":["post-661992","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-crypto-analyst","tag-crypto-bull-run-2024","tag-crypto-market","tag-crypto-trader","tag-donald-trump","tag-eth","tag-ethereum","tag-ethereum-bull-run","tag-ethusdt","tag-us-elections"],"acf":[],"yoast_head":"\nEthereum: Analysts Eye $4,100 As ETH Reclaims Key Support<\/title>\n<meta name=\"description\" content=\"Ethereum has jumped 4.7% in the last 24 hours, reclaiming a key support zone and fueling a bullish sentiment among investors and analysts.\" 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Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology. From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations. In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn\u2019t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored. At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money. After the failure of her home country\u2019s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. 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Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school\u2019s marching band. She also has a passion for learning new languages and cultures, having set the goal to learn another six languages \u00ad\u2013 currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats \u2013hers or stray. 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Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology. From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations. In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn\u2019t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored. At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money. After the failure of her home country\u2019s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education. Moreover, the peculiar nature of the crypto community sparked Rubmar\u2019s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies \u00ad\u2013or her favorite memes. In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school\u2019s marching band. She also has a passion for learning new languages and cultures, having set the goal to learn another six languages \u00ad\u2013 currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats \u2013hers or stray. 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