With Bitcoin price fluctuating below $100,000, Ethereum is showing signs of weakness in its uptrend. Is the largest altcoin facing an extended pullback before 2025?
As mentioned in our previous Ethereum price analysis, the reversal from the 100-day EMA challenged the $3,500 resistance level. The short-term reversal of the rounded bottom, which forms an Adam and Eve pattern, has now entered a consolidation range.
The neckline of this bullish pattern coincides with the $3,500 psychological level and the supply zone extending from $3,520 to $3,568. After multiple price rejections on the 4-hour chart, the increasing bearish influence is suggesting a breakdown of the consolidation range.
Ethereum is trading at $3,431, reflecting a 1.79% decline in the past 24 hours. Amidst the reversal, the 4-hour chart is showing a potential death cross, indicating increased bearish momentum.
In addition, a bearish crossover between the 100 and 200 EMA lines could be on the horizon. The 4-hour RSI line has also fallen below the midpoint after moving sideways, reflecting increased selling pressure.
As technical signals turned bearish, an Ethereum ICO whale sold 4,160 ETH tokens, worth an estimated $14.5 million. The whale chose Kraken as the exchange and made the deposit a few hours ago.
It is worth noting that this whale received 20,000 ETH in July 2015, worth $6.2k at the time. After putting the received tokens as rewards, the whale sold ETH during previous bullish peaks and still holds 7,943 ETH, worth $24.6 million at current prices.
Technical indicators are showing short-term sell signals for ETH. Additionally, the failure of the Adam and Eve pattern highlights the large supply. As a result, Ethereum price is likely to test the immediate support levels at $3,392 and $3,244.
ETH Retreats, Ripple Shows Strong Signs of Recovery
Ethereum (ETH), the king of cryptocurrencies and the second-largest coin in the market-by-market cap, is facing continued setbacks after losing its support level at $3,400 amid the market downturn.
Down by around 15% over the past seven days, Ethereum’s price decline reflects an industry-wide downturn as prices have tumbled from their November highs.
Despite slipping below the $3,400 level, Ethereum maintains its position as a force in the crypto market and continues to hold a dominant role in decentralized finance (DeFi) and non-fungible tokens (NFTs).
Following Ethereum’s decline, Ripple (XRP) is showing signs of recovery as crypto enthusiasts anticipate an update on the lawsuit in January and the successful launch of its stable coin.
Ripple (XRP) is currently trading at around $2.18 as it continues to show resilience in the face of the crypto market’s price decline. This price reflects a modest price change almost exactly but shows a contrast against other crypto assets like ETH which saw double-digit percentage setbacks in December.
Ripple’s recent legal victories have boosted the confidence of crypto enthusiasts in the asset and have led its fans to expect a major recovery for the asset in the coming months. As the company continues to expand its cross-border payment solutions and partnership portfolio, XRP’s future growth is expected to be memorable.
In addition to Ripple’s recent legal victory over regulatory forces, the payments company launched a stable coin last week in hopes of competing with the bigwigs in the stablecoin markets. The launch of the stable coin did little to help XRP’s price and did not boost the price as expected.
Ripple has previously been embroiled in legal battles with the SEC under Gary Gensler, and has been under close scrutiny from its community and investors.
Ethereum Predictions in 2025 with Growing Momentum
Ethereum (ETH) is set to see a massive surge in 2025 with increased ETF inflows, strong user sentiment, and notable inflows from centralized exchanges. Several cryptocurrency analysts have stated that the leading altcoin could surge between $15,000 and $25,000 in the coming months amid increased demand.
Despite the recent demand, the price has failed to gain momentum. However, crypto watchers believe that there is a buildup of momentum that will reverse in due course. ETH ETFs have seen significant demand in the past few days.
As of December 2024, the ETH ETF has recorded a total inflow of $2.51 billion. Notably, on December 24 alone, the daily inflow captured $53 million in total value, indicating growing optimism in the cryptocurrency market. Meanwhile, ETH outflows from exchanges are increasing, indicating a continued accumulation by large-scale investors.
The rise in institutional interest and accumulation by crypto whales reflects a bullish outlook for Ethereum, paving the way for a higher ETH price. Moreover, the developments have fueled growing optimism among crypto market watchers, many of whom are predicting a bullish future for the altcoin.
Meanwhile, market watchers say the altcoin’s bearish trend is over and expect Ethereum to rally. Moreover, they predict ETH will surge between $15,000 and $25,000, while its market cap will balloon from $1.5 trillion to around $10-15 trillion.
The positive turn of events for Ripple regarding its legal battles and the launch of a new stable coin has put the crypto asset on an upward trajectory.
