Ethereum Reclaims $3,500 as Analysts Predict December Rally

Ethereum is currently retesting a key support level amid market recovery, trading in the $3,100-$3,500 range. It faced a recent low of $3,057 but rebounded to around $3,500-$3,550.

The cryptocurrency reclaimed the $3,400 resistance and rose approximately 7% over the weekend.
Analysts highlight that holding current levels is crucial for short-term bullish momentum.
A significant resistance wall exists at the $3,700 level due to accumulation of 869,000 ETH.
The number of mega-whale addresses with more than 10,000 ETH decreased recently.
Despite this, large investors like BitMine increased their holdings during the dip.

Market analysis suggests potential consolidation before a possible end-of-year rally:

Some analysts believe Ethereum might not hit new highs this month.
The next major support zone is $3,100; losing this could indicate a bear market.
If history repeats, Ethereum might retest $3,700-$3,800 soon and rally by year-end.

Ethereum, eth, ethusdt