According to Van de Pop projects, the highest targets are close to $4,000

TLDR

ETH is currently at $3,929.46 with a daily increase of 7.39% and a weekly gain of 2.17%. Van de Pop predicts that if ETH breaks the $3,800 resistance, the bull run will continue into 2025. Strong support at $3,715 points to buyer confidence according to IOMAP parameters, the key between $4,830-4 Potential targets for resistance levels $4,096 and $4,500 critical support level at $3,505 should hold to maintain bullish outlook.

Ethereum price momentum continues to build as the leading smart contract platform nears the psychologically important $4,000 level. Trading data shows that ETH has gained more than 7% in the last 24 hours, reaching $3,929.46 as buyers entered critical support levels.

The recent price action has caught the attention of veteran crypto analyst Michael van de Pop, who sees the current level of consolidation as a major upside trend. According to Van de Pop, ETH's ability to hold support above $3,715 indicates strong buyer interest at current levels.

Technical indicators paint a bullish outlook for Ethereum's recent prospects. The Out-of-the-Money/Out-of-the-Money (IOMAP) indicator is showing significant buying activity around the $3,715 price point, suggesting that this level could serve as a springboard for higher moves ahead.

Market data shows that ETH has posted impressive gains in multiple timeframes, with a 7.39% increase in the previous day and a 2.17% increase in the week. This steady appreciation comes despite some resistance around the $4,000 mark.

$ETH really offers a good opportunity to collect.

Standard correction after testing a new resistance position.

I expect that after this month we will continue to run into the new year. pic.twitter.com/zFSwvtFvDH

— Michael Van de Pop (@CryptoMichNL) December 11, 2024

Trading volume patterns indicate growing institutional interest in Ethereum. Professional traders seem to be using the recent consolidation phase as an opportunity to accumulate ETH as they consider attractive price levels below $4,000.

Van de Pop identifies several key price zones that could determine the direction of ETH in the coming months. The immediate resistance band is between $3,830 and $4,274, with these levels decisively breached with targets at $4,096 and $4,500.

The current market structure suggests that ETH will continue its upward trend if it finds support above $3,505. This level represents a critical floor that bulls must defend in order to maintain positive momentum.

Recent price action shows that ETH has consistently found support during dips, indicating healthy market volatility. Buyers are permanently in to absorb selling pressure, preventing any sustained movement below key support levels.

Looking at broader market indicators, Ethereum network metrics continue to show strong activity. Transaction volumes and active addresses remain high, supporting the case for sustained price appreciation.

Van de Pop's analysis suggests that the current level of consolidation could set ETH up for an extended bull run that will last until 2025.

The analyst notes that while temporary reversals are common in bull markets, the overall trend remains positive as long as ETH holds above $3,505. A break below this level could trigger a pullback to $3,182.

Market participants seem set for more upside, with initial data showing long positions at current price levels. This pattern of accumulation often leads to sustained price movements.

Recent trading sessions have seen ETH repeatedly testing the $3,800 resistance level, suggesting potential upward pressure. Failure to show repeated tests of this level indicates growing buyer confidence.

Order book data shows that strong bid support has formed in the $3,700-$3,800 range, providing a cushion against downside moves. This price floor appears to be well protected by buyers looking to stockpile positions.

The most recent price data shows ETH trading at $3,929.46, maintaining its position above key moving averages and technical support levels as market participants await a potential break above $4,000.