Ethereum recently rebounded from the $3,300 support level, setting the stage for another attempt at a breakout above $3,500 before 2025.
While Bitcoin fluctuates below $100K, Ethereum has shown resilience in overcoming the recent pullback. With a fresh bullish candle and increasing institutional investment, ETH is aiming to challenge $3,500 for a breakout run.
Will the price of ETH finally see a breakthrough after several failed attempts at the $3,500 supply zone?
Ethereum Price Analysis
Amid broader market volatility, Ethereum’s price experienced a 4.67% pullback last night, forming a bearish engulfing candle and completing an evening star pattern.
The pullback tested the critical support level at $3,300. However, with the market stabilizing, Ethereum is now making a bullish recovery.
Currently, Ethereum is priced at $3,427, marking an intraday gain of 3.22%. On the 4-hour chart, a large bullish engulfing candle has crossed above the 20-day EMA line, signaling increased bullish sentiment.
Additionally, the MACD and signal lines are preparing for a bullish crossover, reflecting the rising buying pressure.
As a result, Ethereum is likely to re-challenge the overhead supply zone slightly above the $3,500 psychological mark.
Ethereum ETFs Inflows Surge to $117M After Christmas
The intraday recovery in Ethereum is supported by strong institutional backing. On December 26, the U.S. spot Ethereum ETFs recorded a net inflow of $117.09 million.
This surge in daily inflows was driven by Fidelity acquiring $82.96 million worth of Ethereum, followed by BlackRock purchasing $28.18 million, and Grayscale acquiring $5.95 million.
ETH Price Targets
Based on the current price trend, Ethereum will likely challenge the supply zone just above the $3,500 psychological mark. If the breakout occurs, the next target could be the $4,000 level.
On the downside, key support levels for Ethereum remain at $3,244 and the $3,000 psychological mark.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
