Ethereum suffered a major rejection at $4000 and this happened for the third time in 2024, raising concerns about the next price action. The markets are heading towards the end of annual trading, but the price of the second largest token continues to juggle within a narrow range. While some indicators point to a bearish close, others suggest a major rebound is fast approaching, and therefore the pullback could be a great buying opportunity for the ETH price rally.
In times when Bitcoin price is struggling to regain the lost $100,000 levels, Ethereum is showing tremendous stability and great potential to reach new highs soon. According to CryptoQuant data, the balance on accumulation addresses witnessed a steep increase after the price showed stability above $2000 by maintaining a range-bound trade above the range.
The whales appear to be gathering without much noise, indicating that an explosive outbreak is fast approaching. On the other hand, Ethereum’s active address has been steadily rising since early November, rising over 400K from a low of around 250K. Moreover, the balance on the stock exchanges, which rose sharply until the end of November, started to fall in December, causing the level to fall by more than 700 million. This suggests that traders remain bullish on Ethereum and that the start of 2025 could be explosive.
The weekly chart of ETH price suggests that the token, after a long pullback, has held the support at $3346. A rise above this level could validate a rise above the bearish influence, as a drop below the range could trigger the lower target at $3000 or even lower to $2750. Moreover, the levels may yearn for $3500 or even $4000. However, recovering $3400 is extremely important to sustain the bullish scenario for the Ethereum (ETH) price rally.
