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Ethereum’s recovery momentum continues to capture market attention, with the cryptocurrency currently trading at $3,474, reflecting an 8.50% surge in the past 24 hours. Supported by a robust trading volume of $49.95 billion, analysts, including Guy Turner from CoinBureau, are speculating on Ethereum’s potential to achieve five-digit valuations by 2025.
Turner’s analysis, grounded in technical trends and macroeconomic factors, suggests Ethereum could surpass its previous all-time high and reach unprecedented price levels.
Ethereum’s Historical Peaks and Future Potential
Ethereum reached its historical high of $4,878 in November 2021. Turner identifies the 1.618 Fibonacci extension level at $7,300 as a critical target for Ethereum’s next major price expansion.
This Fibonacci level is a widely recognized metric in technical analysis, indicating potential growth beyond prior peaks. However, Ethereum has been losing ground against Bitcoin, trading at $98,368 per BTC. Turner emphasizes the need for Ethereum to reclaim resistance against Bitcoin to fully unlock its growth potential.
Bitcoin’s Influence on Ethereum’s Trajectory
Ethereum’s price outlook remains closely tied to Bitcoin’s performance. Turner projects that if Bitcoin reaches $200,000 by 2025, Ethereum could climb to $14,600. This prediction assumes a continued rise in institutional and retail investment interest in Ethereum alongside Bitcoin’s ascent.
Despite these bullish scenarios, Turner advises caution due to the inherent volatility of the crypto market. Investors are encouraged to assess risks carefully while considering these optimistic forecasts.
Ethereum Technical Analysis – December 21, 2024
Ethereum’s price action indicates significant resistance at $3,550, where a downward trendline meets a key supply zone. This area, previously a support level, has flipped to resistance, posing a challenge for bullish momentum.
Key Technical Levels:
- Resistance: $3,550, $3,717, $3,897
- Support: $3,252, $3,097, $2,940
- RSI: At 46, signaling neutral to slightly bearish conditions
The 50-day Exponential Moving Average (EMA) sits below the current price, reinforcing signs of a tentative recovery.
A breakout above $3,550 could spark bullish momentum, paving the way for higher targets. Failure to surpass this level, however, may lead to renewed selling pressure and a retest of lower support zones.
DeFi and Web3 Innovations Align with Ethereum’s Growth
Ethereum’s growth reflects the rising dominance of DeFi and Web3 innovations. Platforms like Best Wallet are driving this momentum, offering cutting-edge solutions and highlighting opportunities like the $BEST token presale, which has garnered significant interest.
Stay updated on Ethereum’s journey and the latest blockchain developments at CentBit.Online – your trusted source for crypto and blockchain insights in Bangladesh.
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