The recent turbulence in the cryptocurrency market has left many investors on edge, but Ethereum (ETH) seems to be holding its ground despite a $400 million sell-off. The altcoin has managed to stabilize at $3.5K, a key support level that analysts believe could pave the way for further upside potential in the short term.
According to data from CryptoQuant, the negative net taker volume for ETH hit $400 million in November, reminiscent of the selling pressure experienced during the altcoin’s previous peak at $4.8K. However, ETH has managed to stay above the $3.5K support level, signaling resilience in the face of market volatility.
Market analyst Eugene Ah Sio highlighted the importance of the $3.5K level, emphasizing that a drop below this point could dampen market sentiment for ETH and other altcoins. He pointed out that key support levels for major cryptocurrencies, including Bitcoin (BTC) and Solana (SOL), have been established, making it crucial for ETH to maintain its current position.
Despite the recent sell-off, demand for US spot ETH ETFs remains strong, with daily inflows reaching $305.74 million on December 10th. This consistent influx of capital has helped ETH bounce back above $3.5K and maintain its position in the market.
Looking ahead, the Hyblock liquidation heatmap data suggests potential upside levels for ETH, with targets set at $3.69K, $3.72K, $3.8K, $3.9K, and $4K. These levels represent leveraged short positions that could attract price through a liquidity hunt, further supporting ETH’s upward trajectory.
On the flip side, if ETH were to experience a downward trend, key support levels at $3.4K and $3.38K could come into play. These levels would serve as critical points for ETH to hold onto in order to avoid further downside risk.
Overall, ETH’s ability to weather the storm and maintain its position above $3.5K bodes well for its future performance in the market. With strong demand from investors and potential upside targets in sight, ETH could be gearing up for a significant rally in the near future. When it comes to staying healthy and fit, there is no one-size-fits-all approach. Each person’s body is unique and requires individualized care and attention. However, there are some general guidelines that can help everyone maintain a healthy lifestyle.
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