- ETH has received crucial support from key officials.
- As the network grew, more ETH addresses appeared.
Ethereum’s[ETH] The price has found strong support in the range of $3,700 to $3,810 where 3 million address have accumulated 4.6 Million ETH. This accumulation zone is a sign of growing investor confidence, and it provides protection against possible bearish pressures.
Ethereum continues to gain momentum as its bullish case is strengthened by strong demand and supply dynamics. Fibonacci numbers also point towards $5,000 being a realistic target.
Support zones and accumulation levels
The price of Ethereum has a strong demand between $3700 and $3810. Data from IntoTheBlockApproximately three million addresses accumulated 4.6 millions ETH in this price range.
This level was identified as an important support zone, which provides a buffer against possible bearish pressures. Investor confidence is reflected in the strong accumulation at this level, which could indicate a sustained bullish trend.
Ethereum Network Growth reaches New Highs
The analysis shows that the Ethereum Santiment has seen a dramatic increase in the growth of its network. Analysis showed that 130.200 wallets were created on average per day in December.
It is an eight-month record, indicating renewed attention for ETH from institutional and retail participants.
Santiment
This uptick suggests a rapidly expanding network, with a growing number of users and increased transactions.
Price upper band indicates bullish potential
This price band is aligned with the bull run high of Ethereum in 2021. This level represents a psychological threshold and could be a price target for the bullish trend.
CryptoQuant
Ethereum’s $2,300 realized price reflects an average cost of acquisition across the Ethereum network. It also highlights the profits made by current owners.
As the price of the spot market hovers at around $3.900 the difference between this price and its upper band indicates room for upward movement.
Ethereum Fibonacci extension levels signal…
Press time Ethereum It was valued at $3.896. Its potential future direction can be determined by key technical levels. Fibonacci Extension Tool Analysis highlights key resistance levels and targets.
Ethereum is approaching the Fibonacci Extension Level of 1.618 at $5.253, closely matching its actual price band.
If this level is broken, it would be a sign of strong bullish momentum. This could lead to a rally towards the 2.618 extension, which sits at $6,336.
TradingView
The Fibonacci Fibonacci Retracement Level of 0.7868 is the significant obstacle for Ethereum.
The psychological $5,000 level is within reach if ETH manages to overcome this barrier. The immediate support level is around $3,700 and aligns with the accumulation zone.
The impact of $5k on the supply dynamics
Ethereum is benefiting from a positive demand-supply balance. The concentration of holdings in the $3,700–$3,810 range and the rapid expansion of active addresses show sustained interest from long-term investors and new entrants.
Ethereum’s current trajectory could lead to the $5,000 milestone sooner than you think if Ethereum breaks through key resistance levels.
You can read more about it here Ethereum (ETH) Price Prediction 2024-25
Ethereum’s path to $5,000 is supported with strong accumulation zones and record-breaking growth in the network, as well as key Fibonacci extensions levels which align with historic price metrics.
The convergence of these factors supports a bullish view on ETH. It is possible that ETH will break through $5,000 if demand and momentum increase.
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Source: ambcrypto.com
