It breaks $4,000 when weekly trades reach $17.15 billion.

TLDR

Ethereum hit a March all-time high of $4,096. Large ETH transactions increased by 300%, the volume reached $17.15 billion. The current price is set around $3,960, with the next highest resistance at $4,540. Analysis shows the minimum resistance between the current price and all time. A high $4,878 strong support zone lies between them. $3,514-$3,634 with 5.1 million tokens

Ethereum continued its upward march this week, hitting a new yearly high of $4,096, a milestone in the cryptocurrency's 2024 performance. The second-largest cryptocurrency by market capitalization pushed past $3 at its March peak, signaling renewed market confidence.

Marketing data shows a dramatic increase in network activity, with weekly volume increasing by over 300%. According to data from IntoTheBlock, large Ethereum transactions reached $17.15 billion yesterday, reflecting growing participation from institutional investors and wealthy market participants.

The increase in trading volume is accompanied by increased buying pressure as several large-scale purchases were recorded on major exchanges. This increase in activity reflects the broader market interest in Ethereum beyond retail traders.

Price movements show strong support at the $3,560 level, where about 3.4 million addresses hold 5.1 million tokens. This holding creates an upper support zone between $3,514 and $3,634, which could provide a safety net against major price corrections.

A technical analysis of current market conditions shows little resistance between the current price level and Ethereum's previous all-time high of $4,878. The only known resistance is seen around $4,540, where about 608,960 addresses together hold 668,980 ETH tokens.

Market data indicates that Ethereum's recent price action has held steady above the crucial $3,800 mark, with consistent trading supporting an upward move. Continuous activity reflects organic growth rather than speculative marketing.

The weekly close will be especially important for market sentiment as a close above $4,000 represents the highest weekly close since December 2021.

On-chain metrics show increased wallet activity, with new addresses joining the network at an accelerated rate. This growth in user adoption is paralleled by an increase in transaction volume, indicating greater market participation.

Trading patterns indicate changes in market dynamics, with long-time holders maintaining their positions while new buyers enter the market. This behavior precedes sustained price movements as seen in previous market cycles.

Large #Ethereum transactions are on the rise! Weekly trading volume increased by more than 300%, reaching $17.15 billion today. pic.twitter.com/3cBBG48RgR

— Ali (@ali_charts) December 7, 2024

The current price level of $3,960 represents a critical moment for Ethereum, sitting below the psychological $4,000 barrier. Market watchers note that holding price above this threshold could create a new level of support for future price action.

Recent data shows that buy orders are putting more pressure on prices than sell orders on major exchanges. This imbalance between supply and demand contributes to the current price stability and upward trend.

As more investors move their holdings to private wallets, exchange flow metrics indicate a decrease in supply on trading platforms. This decrease in tradable tokens typically corresponds to a decrease in selling pressure.

The percentage of Ethereum tokens held in smart contracts continues to increase, effectively reducing the circulating supply available for trading. This locking of tokens contributes to overall market volatility and potential price appreciation.

Historical price data indicates that Ethereum's current position reflects previous accumulation levels prior to major price movements. However, past performance does not guarantee future results.

The latest market data shows Ethereum trading at $3,960, with the 24-hour volume holding steady levels above the industry average. Price action remains in an upward channel, suggesting continued bullish momentum.