Ethereum (ETH) price is showing strength with a 44% monthly gain and decreasing supply

TLDR

Ethereum has seen a 43.88% price increase in 30 days. ETH supply has decreased to 12.6 million, indicating a decrease in selling pressure. Whale reserves have increased from 5,535 to 5,580 addresses holding ≥1,000 ETH. Ability to move up and correct

Ethereum's recent price performance has drawn attention from market participants as the kriptovalyutnogo posted a 43.88% gain over the past 30 days. Data from various sources point to a number of factors supporting this upward movement, including an increase in whaling stocks and a decrease in currency supplies.

Ethereum price is currently trading above $3,600, holding support above the 100-hourly simple moving average. The latest price action shows a low formation at $3,557, which started to show signs of recovery from the cryptocurrency.

Exchange data shows a significant trend in ETH supply activities. Ethereum exchange volume dropped to 12.6 million coins, down from a recent peak of 12.7 million seen between November 3 and November 18. This decrease in currency supply usually indicates a decrease in selling pressure.

Whale activity has emerged as another key metric supporting the current market structure. The number of addresses holding 1,000 or more ETH rose to 5,580, the highest level since October 13.

Technical analysis shows the formation of a bearish trend line with resistance near $3,650 on the hourly chart. The price has retraced 50% of its recent bearish move from the swing high of $3,762 to the low of $3,557.

Market data shows that Ethereum will face immediate resistance at the $3,685 level, which corresponds to the recent price decline at the 61.8% Fibonacci retracement level. Above this, the $3,750 level provides another critical resistance zone.

Parameters on the chain suggest changing the behavior of the holder. The decline in exchange rates indicates that more investors are moving their holdings to private wallets, typically associated with long-term holding strategies rather than immediate selling.

Price support levels have proven themselves at various points. The first major support was placed at $3,580, with additional support found at $3,550. If these levels fail to hold, the next important support zone will appear at $3,440.

An hourly price chart shows the formation of several technical patterns. The bearish trend line has seen resistance at $3,650, the MACD indicator shows increasing momentum in the bullish zone.

Trading volumes remained stable during this period, allowing for cash flow for current price movements. Despite strong monthly gains, the market maintained orderly trading conditions.

Short-term price action indicates potential resistance at $3,688 and $3,763. These steps can be critical in determining the next directional move. A break above these resistance points could pave the way to the $3,800 level.

The RSI (Relative Strength Index) on the hourly time frame currently places itself above the 50 mark, indicating a moderate bullish trend in the short term. This technical indicator is consistent with the overall market structure.

Recent price patterns show consolidation above the $3,600 support level. During recent retests, buyers protected this zone and the market maintained this level for further upward moves.

Looking at the immediate price levels, Ethereum needs to clear the $3,650 resistance to continue the upward movement. A successful break above this level could lead to a test of the $3,685 resistance zone.

The latest data shows the price hovering around $3,620 as traders monitor key technical levels for signs of the next directional move. Trading volume remained consistent with recent averages, indicating stable market participation.