Ethereum's (CRYPTO: ETH) 5% drop on Thursday has sparked speculation among traders about its ability to recover and close above the critical $3,700 mark by year-end.
What Happened: Lookonchain data highlights a skilled whale, possibly associated with LonglingCapital, who purchased 6,000 ETH during a price dip. Known for impeccable timing, the whale has amassed $83 million in profits.
Since May 8, 2023, the whale has acquired 75,400 ETH (worth $180.4 million at an average of $2,392) and sold 50,800 ETH (worth $172.8 million at an average of $3,401).
| Cryptocurrency | Price | Market Cap | 24-Hour Trend | 7-Day Trend |
| Ethereum (CRYPTO: ETH) | $3,612.85 | $435.1 billion | -6.7% | -8.9% |
| Bitcoin (CRYPTO: BTC) | $100,537.58 | $1.98 trillion | -3.7% | -1.3% |
| XRP (CRYPTO: XRP) | $2.32 | $132.7 billion | -6.1% | -4.1% |
Trader Notes: Trader MaxBecauseBTC, in a recent post on X, outlined two scenarios for ETH holders over the next six months:
- Option A: 5-10x net worth gain (55% probability)
- Option B: 40% net worth decline (45% probability)
Max urges traders to embrace volatility, remain resilient and focus on potential upside rather than fear of loss.
Cold Blooded Shiller highlighted the $3,700 quarterly level as a pivotal resistance point.
With 12 days until the quarter ends, he anticipates a fierce battle to close above it.
While ETH has traded above this level for six quarters, it has yet to secure a close above it.
$ETH Quarterly level around $3700 is a big one.
— Cold Blooded Shiller (@ColdBloodShill) December 19, 2024
Another 12 days left till the close here and I suspect it'll be a battle to try and secure a close above.
We've traded above this level for 6 quarters and never managed to get a close above. pic.twitter.com/TMS3O4qgFy
Trader Ted compared $4,000 resistance to ETH's struggle with $1,400 during the 2020-21 cycle.
He predicts a similar breakout, with a close above $4,100 potentially paving the way to a new all-time high.
Statistics: IntoTheBlock data shows 11.7% drop in large transactions volume and 5.6% fall in daily active addresses. Exchanges netflows are down by 132.2%.
Transactions greater than $100,000 widened from 10,365 to 11,817 in one single day.
Currently, 81% of ETH holders are making profit while 8% are at breakeven.
BlackRock's iShares Ethereum Trust (NASDAQ:ETHA) led with a $80.7 million net inflow on Wedneday, taking total inflows to $3.4 billion.
- Bitcoin To $180,000, Ethereum Over $6,000, Solana To $500: VanEck's 2025 Crypto Predictions
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