Ethereum Attempts to Secure Key Resistance Level
- Ethereum broke above the $3,200 barrier, reaching a four-week high of $3,259.
- The cryptocurrency surged by 8.3% from the $3,000 level since Friday.
- Analyst Niels noted Ethereum’s Q4 negative return of -28.28% as its worst in six years.
- Historically, Ethereum has seen positive Q1 returns following a negative Q4 close.
- Analyst Ted Pillows indicated potential resistance at the $3,800-$4,000 level.
Ethereum is attempting to convert its recent gains into support at key resistance levels after breaking above $3,200 for the first time in nearly a month. Analysts suggest that despite a challenging end-of-year performance, historical patterns could favor a strong start to Q1 for the altcoin.
With Ethereum trading at $3,253 and showing an upward trend, analysts are optimistic about its potential breakout towards higher resistance zones around $4,000 in the coming months. (Source)
