Ethereum Price Outlook for December 17: Key Support Levels Crucial for Achieving $3,500

Summary: Ethereum is experiencing moderate price fluctuations, currently valued at $2,943. The asset needs to maintain key support levels to potentially rebound and reach $3,500. With significant liquidations occurring in the market, understanding ETH's support and resistance levels is essential for traders.

Key Takeaways

Ethereum is currently trading at $2,943, reflecting a 0.7% increase over the last 24 hours.
A critical support level exists at $2,800, which needs to hold for a potential recovery.
If resistance at approximately $3,300 is broken, further upside towards $3,500 may be possible.
Current technical indicators show neutral RSI and bearish MACD trends.
Liquidation data indicates heightened market volatility, impacting long and short positions significantly.

Ethereum

Current Market Overview

Ethereum has experienced some fluctuations in recent trading, with its current price at $2,943. In the last 24 hours, the asset saw a 0.7% increase, fluctuating between $2,902 and $2,971 within that period. However, over the past week, Ethereum has decreased by 11.4%. Looking back 14 days, the price has dropped by 3.7%, mirroring trends throughout the broader crypto market. Despite this, Ethereum maintains a robust market capitalization of $355.8 billion, solidifying its status as a major player. Traders are now examining how ETH will respond to its long-term price trends in the upcoming sessions.

Ethereum Price Analysis

Ethereum’s recent price movements suggest certain technical indicators pointing toward a corrective phase. Presently, the support level is holding firmly around $2,800, where the price has recently found stability. If this support persists, there is potential for a rebound, which may lead to an attempt to break the resistance at around $3,300. Successfully surpassing this level could enable Ethereum to head toward $3,500.

ETHUSD Price Chart

The Relative Strength Index (RSI) stands at 41.20, indicating that Ethereum is neither overbought nor oversold, though it is approaching the lower end of the range. Should buying pressure increase, there is a chance for a price reversal. Nevertheless, if the RSI continues to decline, it may indicate ongoing bearish momentum that could test support levels more rigorously.

Furthermore, the Moving Average Convergence Divergence (MACD) reflects a bearish trend, registering a MACD line at -44.47, which is below the signal line at -38.24. This bearish crossover suggests that the downward momentum is currently stronger, as seen in the negative histogram. A shift in momentum might occur if the MACD line re-establishes itself above the signal line.

Liquidation Insights for Ethereum

The Ethereum market has experienced notable liquidations across various time frames, underscoring the volatility and pressures faced by long and short positions. Within a 12-hour window, liquidations totalled $10 million, with long positions amounting to $6.66 million and short positions at $3.34 million.

ETH Liquidation

The 24-hour liquidation data is even more pronounced, revealing a total of $58.38 million in liquidations. This breakdown shows that long positions were substantially impacted, totaling $27.17 million, while shorts made up $31.21 million. This distribution illustrates increased market volatility, with long positions bearing the brunt of the strain.

Disclaimer: This content serves as informational and should not be construed as financial advice. Opinions expressed in this article may reflect the author's personal views and do not necessarily represent those of The Crypto Basic. Readers are encouraged to conduct their own research before making any investment decisions. The Crypto Basic is not liable for any financial losses incurred.