{"id":2585,"date":"2024-12-13T14:00:26","date_gmt":"2024-12-13T14:00:26","guid":{"rendered":"https:\/\/coinscap.info\/blog\/ethereum-analysts-eye-4100-target-as-eth-reclaims-key-support-level\/"},"modified":"2024-12-13T14:00:26","modified_gmt":"2024-12-13T14:00:26","slug":"ethereum-analysts-eye-4100-target-as-eth-reclaims-key-support-level","status":"publish","type":"post","link":"https:\/\/coinscap.info\/blog\/ethereum-analysts-eye-4100-target-as-eth-reclaims-key-support-level\/","title":{"rendered":"Ethereum: Analysts Eye $4,100 Target As ETH Reclaims Key Support Level"},"content":{"rendered":"

Ethereum (ETH) has seen a significant 4.7% recovery in the last 24 hours, reclaiming a crucial support zone. This performance has fueled a bullish sentiment among some market watchers, who consider the cryptocurrency to break above a key resistance level in the coming days.<\/p>\n

Ethereum Reclaims Key Support<\/h2>\n

Nearly a week ago, Ethereum jumped above $4,000 for the first time in nine months, nearing its march-high and the long-awaited $4,100 resistance level. However, the cryptocurrency\u2019s rally was momentarily paused after the crypto market saw a significant pullback.<\/p>\n

Earlier this week, ETH retraced nearly 10%, dipping below the $3,500 mark as Bitcoin retraced to $95,000. After the retrace, the second-largest crypto by market capitalization has steadily climbed back, recovering the $3,800 support zone on Wednesday afternoon.<\/p>\n

ETH\u2019s price then rose another 2% in the early hours of Thursday to trade above the $3,900 level again. As Ethereum reclaimed this key zone, Crypto analyst Carl Runefelt noted<\/a> that the cryptocurrency was trading back above its ascending support trendline, which it had lost during the market correction.<\/p>\n

Additionally, the King of Altcoins was retesting a six-day downtrend line in the 4-hour chart, which would target a surge toward $4,000 after a successful breakout from the $3,940 mark.<\/p>\n

Ethereum broke above this resistance in the following hours, surging to a daily high of $3,985 before retracing to $3,945. Per the analyst, holding above this level could propel ETH\u2019s price to $4,100 in the coming days.<\/p>\n

ETH To $5,000 Soon?<\/h2>\n

According to some analysts, despite reclaiming the $3,900 zone, Ethereum still needs to turn another multi-year resistance into support successfully. Analyst Alex Clay recently pointed out that ETH has been retesting the $9,350 level since 2021, unsuccessfully turning it into support over the past few years.<\/p>\n

Ethereum has faced rejection at this resistance level on four different occasions. However, when ETH broke and held this level, it rallied toward its all-time high (ATH) of $4,878 around three years ago.<\/p>\n

Crypto analyst Jelle suggested<\/a> that Ethereum is preparing for massive moves as it recently broke out of a multi-year pennant. ETH-based Exchange-traded funds (ETFs) have seen a massive surge since the post-election rally.<\/p>\n

As Farside Investors data<\/a> shows, ETH ETFs have seen over $500 million in inflows this week and over $1.3 billion since this month started. This signals increased demand from institutional players, adding to the cryptocurrency\u2019s momentum.<\/p>\n

Moreover, the Donald Trump-backed DeFi project World Liberty Financial Initiative (WLFI) acquired around $10 million in ETH yesterday.\u00a0Lookonchain said<\/a>\u00a0the WLFI wallet bought 2,631 ETH at $3,801 per token.<\/p>\n

To Jelle, this \u201clooks like ETH season just got the ‘go ahead’ nod from institutions.\u201d If Ethereum reclaims the $3,950 resistance into support, there will be \u201cvery little standing in the way of new all-time highs from here,\u201d the analyst added.<\/p>\n

He forecasted that Ethereum could hit $5,000 after breaking out and that 2025 will be a \u201ccomeback year for ETH.\u201d \u00a0As of this writing, ETH is trading at $3,951, a 4.7% surge in the daily timeframe.<\/p>\n

\"Ethereum,<\/p>\n","protected":false},"excerpt":{"rendered":"

Ethereum (ETH) has seen a significant 4.7% recovery in the last 24 hours, reclaiming a crucial support zone. This performance has fueled a bullish sentiment among some market watchers, who consider the cryptocurrency to break above a key resistance level in the coming days. Ethereum Reclaims Key Support Nearly a week ago, Ethereum jumped above…<\/p>\n","protected":false},"author":1,"featured_media":2586,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25],"tags":[111,899,102,227,239,38,39,1140,42,580],"class_list":["post-2585","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-crypto-analyst","tag-crypto-bull-run-2024","tag-crypto-market","tag-crypto-trader","tag-donald-trump","tag-eth","tag-ethereum","tag-ethereum-bull-run","tag-ethusdt","tag-us-elections"],"_links":{"self":[{"href":"https:\/\/coinscap.info\/blog\/wp-json\/wp\/v2\/posts\/2585","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscap.info\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscap.info\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscap.info\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscap.info\/blog\/wp-json\/wp\/v2\/comments?post=2585"}],"version-history":[{"count":0,"href":"https:\/\/coinscap.info\/blog\/wp-json\/wp\/v2\/posts\/2585\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscap.info\/blog\/wp-json\/wp\/v2\/media\/2586"}],"wp:attachment":[{"href":"https:\/\/coinscap.info\/blog\/wp-json\/wp\/v2\/media?parent=2585"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscap.info\/blog\/wp-json\/wp\/v2\/categories?post=2585"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscap.info\/blog\/wp-json\/wp\/v2\/tags?post=2585"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}