Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Ethereum faces $3K retrace if pullback extends

Ethereum faces $3K retrace if pullback extends

GrafaGrafa2024/12/23 06:00
By:Isaac Francis

Ethereum's (CRYPTO:ETH) price is under pressure as it struggles to maintain stability above $4,000, according to crypto analyst Rekt Capital.

Over the past 30 days, Ether has briefly crossed the $4,000 mark, peaking at $4,077 on Dec. 6, but failed to sustain gains, as per CoinMarketCap data.

Rekt Capital highlighted $3,000 as a critical psychological support level for Ethereum, which was last tested on Nov. 9.

Ether has hovered above this level since early August but risks further decline.

Currently trading at $3,466, Ethereum could dip by over 10% in the near term, potentially retesting the $3,000 support zone.

Ethereum continues to struggle with the psychological resistance of $4000,” said Rekt Capital in a Dec. 20 market analysis.

The analyst also noted that a pullback to $3,000 might form a potential inverse head-and-shoulders pattern, signaling a possible trend reversal if a bottom develops around that region.

Contributing to the current market sentiment are factors such as dwindling Ethereum reserves on exchanges and the growing momentum of spot Ether exchange-traded funds (ETFs).

On Dec. 17, data from CryptoQuant revealed that ETH balances on exchanges have dropped to an 8.5-year low of 9.2 million, reflecting a nearly 10% decrease over the past year.

Meanwhile, inflows into spot Ether ETFs have gained traction.

Since their launch in the United States on July 23, these ETFs have accumulated approximately $2.43 billion, according to Farside data.

Analysts remain optimistic that the trend will continue, especially if regulators allow staking yields.

VanEck, an asset management firm, has projected Ethereum's spot price could reach $6,000 by late 2025.

However, with Ethereum currently facing resistance and weak initial ETF inflows, surpassing its all-time high or reaching $5,000 by year-end remains unlikely.

At the time of reporting, the Ethereum (ETH) price was $3,323.59.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!