Ethereum (ETH) has shown signs of recovery after experiencing a drop to the $3,100 support zone last week. The second-largest cryptocurrency in the market is now attempting to break out of its recent downtrend, with some analysts predicting a potential massive run for ETH in the year 2025. Despite struggling to maintain the $4,000 level as support, Ethereum has made multiple attempts to break through this key price range, but has been rejected three times, with the most recent rejection occurring when it reached $4,100 before retracing by 7.3%.
After Bitcoin (BTC) fell to $92,000, Ethereum followed suit and dropped to the $3,100 support zone, marking its lowest price in a month. Since then, ETH has been trading between $3,200 and $3,550, but has failed to break past the upper limit of this range. However, the cryptocurrency has managed to break out of its downtrend line and is now aiming to reclaim the $3,500 support level. Analysts have identified key support and resistance zones for Ethereum, with a potential retest of higher levels in sight if a clean breakout is achieved.
Analysts like Ted Pillows have pointed out historical trends that suggest Ethereum could see significant gains in the first few months following U.S. elections, with strong performances recorded in early 2017 and 2021. If ETH follows a similar trajectory in 2025, it could surpass its all-time high (ATH) of $4,878 in January and continue to climb throughout the first quarter of the year. Crypto trader Immortal has also noted similarities between Ethereum’s recent price action and its performance in early 2021, indicating the potential for a breakout and rally in the near future.
Looking ahead, Ethereum’s current price sits at $3,501, marking a 6.3% increase in the last 24 hours. With market watchers keeping a close eye on ETH’s movements, there is speculation that the cryptocurrency could make significant gains in the coming weeks if it follows historical patterns. Traders and investors are advised to monitor key support and resistance levels for Ethereum, as a sustained close outside of these zones could determine the direction of ETH’s trend in the near future. Overall, the outlook for Ethereum appears positive, with the potential for a strong performance in 2025.
