Ethereum News Update: Key Levels to Watch—ETH Holds $3,120 Support, Faces $3,937 Resistance
- Ethereum's $3,120 level holds 2.6M ETH as key on-chain support, with large holders clustering in profit zones. - $3,937 resistance could trigger bullish momentum if broken, while failure risks retesting $3,120 support. - Market consolidation between $3,700-$3,937 sees traders advised to avoid weekend range-bound strategies. - Technical tools like Barchart's standard deviation analysis reinforce significance of these critical price levels.
Ethereum’s recent price movements have brought considerable focus to the $3,120 mark, where more than 2.6 million ETH were acquired, establishing this range as a vital support area. Glassnode’s cost basis distribution heatmap reveals that this zone has seen substantial accumulation by major investors, resulting in a dense concentration of wallet addresses between $3,117 and $3,141. As long as ETH trades above this region, most holders remain in profit, which lessens the chances of significant sell-offs, as highlighted in a
The $3,120 price point serves as both a psychological and technical support. Should
Current market signals indicate that Ethereum may enter a consolidation phase. The cryptocurrency is presently fluctuating between $3,700 and $3,937, with volatility remaining low in the short term. Snyder advised caution for traders during the weekend, as trading activity typically drops. "I'm not forcing trades since weekend chop is coming for your stoplosses," he remarked, warning about the risks of trading within a narrow range during quieter periods, as also discussed in Coincu’s analysis.
Technical indicators, including the
The next few days are expected to be crucial for Ethereum’s direction. A decisive move above $3,937 could ignite renewed optimism, while a drop below $3,700 might send the market back to test the $3,120 accumulation area. For now, traders are closely monitoring these levels, as they are likely to shape ETH’s upcoming price trend.
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.
You may also like
Bitcoin Updates: Swiss Crypto Lending Offers 14% Returns Alongside Bank-Backed Insurance
- Swiss crypto lender Fulcrum offers 14% APR on stablecoins with Lloyd's insurance and FINMA regulation. - Platform uses 50% LTV over-collateralization and institutional-grade security to mitigate market risks. - Targets inflation-hedging investors by bridging traditional finance gaps with insured crypto yields. - Competes with alternatives like Bitget's zero-interest loans but emphasizes regulatory compliance and capital preservation.
Bitcoin News Update: Analyst Highlights How MSTR's Convertible Bonds Prevent Forced Bitcoin Sales
- MSTR's convertible debt structure allows debt repayment via cash, stock, or both, avoiding Bitcoin sales during market downturns. - The company raised €350M through a 10% dividend-bearing euro-denominated preferred stock offering to fund Bitcoin purchases. - Q3 results showed $3.9B operating income from Bitcoin gains, driving a 7.6% stock surge to $273.68 post-earnings. - Risks persist if Bitcoin fails to rally in 2028, potentially forcing partial liquidation amid $1.01B 2027 debt obligations. - MSTR hol
Solana News Today: Solana ETFs Surpass Bitcoin as Staking Returns Attract Institutional Investments
- U.S. spot Solana ETFs (BSOL/GSOL) attracted $199M in 4 days, outperforming Bitcoin/Ethereum ETF outflows. - 7% staking yields drive institutional inflows as investors rotate capital from major crypto assets. - Despite ETF success, SOL price fell below key support levels, raising concerns about $120 price floor. - Strategic staking and treasury purchases boosted Solana's institutional appeal, with $397M in staked assets. - Market remains cautious as ETF competition intensifies, with Bitwise's BSOL outpaci
Bitcoin News Today: Bitcoin’s Fourth Quarter Surge: Impact of Trade Disputes, Stronger Dollar, and Evolving Global Economic Strategies
- Bitcoin fell nearly 15% in October 2024, its worst quarterly start since 2022, driven by U.S.-China trade tensions, dollar strength, and macroeconomic caution. - A 100% U.S. tariff on Chinese imports and Fed rate-cut delays exacerbated selloffs, triggering $1.3B in liquidations during a flash crash below $103,000. - Key support levels at $107,000 and $101,150 face retests as traders warn of further declines, with market cap dropping below $3.6T amid fragile liquidity. - Wintermute denied Binance lawsuit
Trending news
MoreCrypto prices
More
