Ethereum faced a major rejection at $4000 and this has happened for the 3rd time in 2024, raising concern for the next price action. The markets are heading towards the end of the yearly trade but the price of the second-largest token continues to juggle within a narrow range. While some of the indicators point towards a bearish close, others suggest a major upswing is fast approaching, and hence the pullback could be a great buying opportunity for the ETH price rally.
In the times when Bitcoin price is struggling hard to reclaim the lost levels at $100K, Ethereum displays huge stability and a great potential to form new highs soon. As per the data from CryptoQuant, the balance on accumulation addresses witnessed a steep rise after the price displayed stability above $2000 by maintaining a range-bound trade above the range.
The whales seem to be accumulating without much noise, suggesting an explosive breakout could be fast approaching. On the other hand, the active address of Ethereum has been consistently rising since the start of November, marking over 400K from the lows of around 250K. Besides, the balance on the exchanges that surged until the end of November began to drop in December, reducing the levels by over 700 million. This suggests that traders remain bullish on Ethereum and hence the start of 2025 could be explosive.
The weekly chart of ETH price suggests after a long pullback, the token has been holding the support at $3346. A rise above this level could validate a rise above the bearish influence, as a drop below the range may trigger the lower target at $3000 or even lower to $2750. Besides holding the levels may long towards $3500 or even $4000. However, reclaiming $3400 is extremely important to keep up the bullish scenario for the Ethereum (ETH) price rally.
