Ethereum [ETH] witnessed a significant 4% rally on Friday, reclaiming its December range-lows and signaling a potential extended recovery on the charts. Despite facing a drop in mindshare to a 12-month low during recent holiday sell-offs, the king altcoin managed to bounce back above $3,500, sparking optimism among investors.
The recent breakout above key moving averages on the 12-hour chart, including the 20-day, 50-day, and 100-day EMA, has flipped the market structure bullish for Ethereum. This move has set ETH on course for further gains in the short term, with immediate targets at the mid-range of $3.8k and the upper channel of $4k. The RSI and CMF indicators on the 12-hour chart also point towards increasing demand and capital inflows, supporting the bullish outlook.
Seasonality trends for Ethereum in January have historically been positive, with Q1 showing the strongest performance and average gains of 83%. Data from Coinglass indicates that January and March have been the best months in Q1, with returns of 21% and 22% respectively. If history repeats itself, ETH could experience explosive growth in January, with potential upside targets at $3.8k, $4k, and $4.1k.
However, it is crucial to monitor key support levels, with $3.5k serving as a critical level to watch for any downside movement. A sharp pullback could find support at the key December short-term support of $3.3k. The monthly liquidation heatmap highlights potential upside levels and downside risks, with $3.8k, $4k, and $4.1k identified as key targets.
In conclusion, the recent breakout in Ethereum sets the stage for extended growth if seasonality trends repeat in 2025. With $3.8k and $4k within reach, investors are optimistic about the potential for further gains in the coming days. However, it is essential to exercise caution and closely monitor key support and resistance levels to navigate the volatile cryptocurrency market.
Disclaimer: The information provided in this article is the writer’s opinion and does not constitute financial, investment, trading, or other types of advice.
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Next: Coinbase Premium Index rebounds, pushes Bitcoin to $98K – Recovery odds? The world of technology is constantly evolving and changing, with new innovations and advancements being made every day. One of the most exciting and potentially game-changing developments in recent years is the rise of artificial intelligence (AI). AI is a branch of computer science that aims to create machines that can perform tasks that typically require human intelligence, such as speech recognition, decision-making, and language translation.
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