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Ethereum May Retest $3,700 Before a Major Rally, Analyst Predicts
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum May Retest $3,700 Before a Major Rally, Analyst Predicts

Samuel Edyme
Samuel Edyme
5 months ago
3 mins read
Ethereum May Retest $3,700 Before a Major Rally, Analyst Predicts

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Ethereum relatively sluggish price performance compared to Bitcoin’s continuous rise appears to have captured the attention of crypto analysts.

While Bitcoin has created a new peak above $106,000 earlier today, Ethereum’s price still sits below $4,000 with a current trading price of $3,943, marking a modest 1.4% increase over the past 24 hours.

However, despite this slow pace, some analysts see signs of strength and potential growth for Ethereum in the near term.

Related Reading

Ethereum Battles Bearish Retail Sentiment Amid Surging ETF Demand

Ethereum Battles Bearish Retail Sentiment Amid Surging ETF Demand

5 months ago

Retest Before The Major Rally

One notable analyst, CryptoBullet, shared his insights on X, drawing comparisons between the current market environment and Ethereum’s January 2021 rally.

Ethereum price chart.
Ethereum price chart. | Source: CryptoBullet on X

“Second consecutive weekly candle closed above the resistance,” the analyst observed. “The shape of the candle and overall environment reminds me of January 2021. We might wick to $3,700 this week, but it will be bought back up quickly. Don’t ignore this ETH strength.”

CryptoBulllet further emphasized that Ethereum’s ability to hold its position above key resistance levels is a strong indicator of bullish momentum, suggesting that a significant price movement could be on the horizon.

$ETH 1W update

Second consecutive weekly candle closed above the Resistance 👌😁

The shape of the candle and overall environment reminds me of January 2021

We might wick to $3700 this week but it will be bought back up quickly 📈

Don’t ignore this #ETH strength! https://t.co/rIamWMSAb6 pic.twitter.com/29bs5aTUd3

— CryptoBullet (@CryptoBullet1) December 16, 2024

Titan of Crypto, another renowned analyst in the community echoed this optimism, noting Ethereum’s highest weekly candle close since 2021 as a major milestone.

“Ethereum New ATH Incoming. ETH just achieved its highest weekly candle close since 2021, a major milestone,” he wrote. “A successful retest could propel it to its previous ATH and beyond.”

These observations indicate growing confidence among market participants that Ethereum could soon reclaim its all-time high of $4,878, last achieved in November 2021.

Etherfeum (ETH) price chart on TradingView
ETH price is moving upwards on the 2-hour chart. Source: ETH/USDT on TradingView.com

Ethereum Traders Faces Liquidation

Despite these bullish projections, Ethereum’s recent price action has not been favorable for all market participants. According to data from Coinglass, 123,021 traders were liquidated over the past 24 hours, resulting in a total of $396.41 million in liquidations across the crypto market.

Ethereum accounted for approximately $53.12 million of these liquidations, with long positions taking the larger hit at $28.4 million, while short positions saw liquidations worth $24.69 million.

Notably, liquidation occurs when a trader’s position is forcibly closed by an exchange due to insufficient funds to cover losses. In the case of Ethereum, the higher volume of liquidations, particularly among long positions, reflects a level of over-leverage among traders betting on the asset’s upward momentum.

The crypto market total liquidations in the past 24 hours
The crypto market total liquidations in the past 24 hours. | Source: Coinglass

Featured image created with DALL-E, Chart from TrangView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Reason to trust

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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