Ethereum price takes a sharp 12.8% dive to breach the $3500 floor during Monday’s U.S. market session. The pullback was triggered by Bitcoin’s struggle to sustain above $100k and a massive $1.52 Billion liquidation across the crypto market. However, the retracement witnessed a surge in whale accumulation, signaling the potential for a bullish turnaround.
According to Coingecko, the global crypto market cap is at $3.6 Trillion with an intraday loss of 7%, while the 24-hour trading volume is at $483.2 Billion.
Key Highlights:
- Ethereum price history suggests a bullish outlook for ETH holders in December.
- ETH whale accumulation coincides with recent market upback, hints higher potential for reversal.
- The crypto buyers could witness immediate resistance at $4,100 and $4,875.
Ethereum Price History in December Signals Optimism for Holders
A prominent crypto whale has added 1,800 ETH, valued at approximately $7 million, to their portfolio, according to on-chain data from Lookonchain. This latest acquisition has increased their holdings to a total of 39,600 ETH, worth around $99 million, since May 24.
The whale’s average purchase price for ETH stands at $2,487, positioning them with an impressive unrealized profit of $54 million. This strategic accumulation during the recent price hints the whale continues to follow the buying-the-dip sentiment with a belief in ETH’s future growth.
Historically, such accumulation has bolstered the cryptocurrency to find a bottom and rebound soon after.
A whale bought 1,800 $ETH($7M) again 3 hours ago!
This whale has accumulated 39,600 $ETH($99M) since May 24, with an average buying price of $2,487, and currently has an unrealized profit of ~$54M.https://t.co/OQ10QrT6IQ pic.twitter.com/FXiTMbbTse
— Lookonchain (@lookonchain) December 9, 2024
ETH Breaks 8-Month Resistance, Targets All-Time High
From the November low of $2,350 to $4,098, the Ethereum price showcased a high-momentum rally of 73%. An analysis of the daily chart shows the rally gave a decisive breakout from the resistance trendline of the 8-month correction, signaling the continuation of the prevailing uptrend.
Currently, the ETH price trades at $3,682 and is testing the breached trendline as support before taking the next leap. According to Coinglass data, Ethereum’s performance in December has historically been mixed. Over the years, the coin has experienced both gains and losses during these months.
For example, notable returns were observed in 2020 (+19.46%) and 2017 (+70.54%), while there have also been significant declines, such as in 2021 (-20.61%) and 2019 (-15.09%).
However, December leans slightly on the bullish side, recording an average growth return of 7.95%.
Thus, the Ethereum price shows higher potential for bullish reversal with a potential rally targeting $4876 All-time high.
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