TLDR
- Ethereum surged over 43% in a 30-day period
- Whale wallets increased from 5,535 to 5,580
- ETH supply on exchanges dropped to 12.6M tokens
- Price currently consolidating above $3,600
- Technical resistance established at $3,650-$3,685
Recent market data reveals a robust performance in Ethereum’s price movement, marked by a 43% increase over the past month. This price appreciation comes amid notable changes in both on-chain metrics and institutional holding patterns.
Trading activity shows Ethereum maintaining price levels above $3,600, with consistent buying pressure emerging at key support zones. The cryptocurrency recently established a temporary bottom at $3,557, from which buyers stepped in to push prices higher.
Market analysis indicates a clear shift in supply dynamics across major cryptocurrency exchanges. The total amount of ETH held on exchange platforms has decreased markedly, reaching 12.6 million coins. This represents a notable reduction from the mid-November peak of 12.7 million.
Institutional interest appears strong, evidenced by the growing number of whale addresses. Data shows an increase to 5,580 addresses holding 1,000 or more ETH, up from 5,535 recorded in late November. This metric suggests sustained accumulation by larger market participants.
Chart patterns reveal the emergence of a resistance trend line near the $3,650 mark. Price action has retraced approximately half of the recent downward movement that occurred between the $3,762 peak and $3,557 trough.
Trading indicators point to immediate overhead resistance at $3,685, corresponding to key Fibonacci levels. This price point has proven challenging for buyers to overcome in recent trading sessions. Above this level, sellers appear active near the $3,750 zone.
Exchange flow metrics paint an interesting picture of market sentiment. The continued decrease in exchange balances suggests a preference among holders to move their assets to private storage, typically indicating reduced selling pressure in the market.
Price support has formed at multiple levels throughout the recent rally. Initial support appears at $3,580, backed by stronger buying interest at $3,550. Should selling pressure increase, the market might test lower support at $3,440.
Technical analysis of hourly price movements highlights several important patterns. The emergence of a bearish trend line at $3,650 contrasts with positive momentum signals from commonly used technical indicators.
Market liquidity remains healthy, with trading volumes supporting current price levels. The orderly nature of recent price movements suggests a well-balanced market despite the substantial gains recorded over the past month.
Near-term resistance levels have established themselves at $3,688 and $3,763. These price points may prove crucial for determining the next major move. A decisive break above these levels could trigger renewed buying interest.
The RSI indicator currently reads above the midpoint on hourly charts, suggesting moderate upward momentum. This technical signal aligns with other indicators showing potential for continued price appreciation.
Price consolidation continues above the $3,600 mark, with this level serving as a psychological support zone. Buyers have consistently defended this area during recent pullbacks, establishing it as a key level for maintaining the current uptrend.
For continued upward movement, Ethereum needs to overcome resistance at $3,650. Successfully breaking this level could open the path toward testing higher resistance zones, particularly around $3,685.
Latest market data shows Ethereum trading near $3,620, as participants closely monitor technical levels for clues about the next directional move. Trading activity remains steady, indicating sustained market interest at current price levels.
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