ETH Price to Blast Above $6000 Amid High Buyer Interest, Social Sentiment?

Ethereum’s weekly chart showed a solid upward trajectory within its ascending channel throughout 2024. After steadily climbing, ETH price decisively broke the $4,100 resistance level.

This breakthrough suggested a stronger upward potential toward the $6,000 mark, hinted as a new target in the analysis.

The Fibonacci extension levels indicated next possible resistance around $6,110.91, reinforcing the $6,000 area as a significant magnet for price action.

Trading volumes remained consistent, supporting the price ascent through each resistance zone.

With each stride past resistance levels like $3,786 and $4,100, Ethereum’s price resilience was evident.

If this trend continues, surpassing $6,000 could become a reality, with a potential to aim for higher Fibonacci extensions at $7,751.77 and beyond.

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This alignment further suggested that Ethereum was well-positioned for continued gains, provided market conditions remained favorable.

All these illustrated Ethereum’s capacity for growth, potentially reaching new highs if the bullish market structure persisted into 2025.

ETH Price: Ethereum Bid and Ask

Further analysis of the ETH’s concentrated Bid & Ask levels displayed a significant attempt to break above the $4,000 mark, which involved overcoming a dense supply zone.

Despite initial success in challenging this resistance, the price inevitably reverted to the support level around $3,800 as of press time.

This pivot area was critical in maintaining bullish sentiment, as a fall below could trigger further losses heightening selling pressure.

Analyzing the market dynamics, a persistent seller at the $4,000 level consistently replenished supply, indicating strong resistance. Overcoming this could require an amplified buying pressure.

Conversely, the shift in bid levels from the previous lows to around $3,600 highlighted increasing buyer interest at lower prices, suggesting that market participants anticipated the price dips to accumulate more ETH.

The activity at these strategic price points was vital for Ethereum’s short-term direction. The resistance at $4,000 acted as a cap for uptrend, while the support at $3,800 served as a foundation preventing further declines.

If these levels were defended or breached, they could dictate the next major price movements for Ethereum on the Binance spot market which could well beyond $6,000.

Social Sentiment Ethereum

Social volume for Ethereum peaked several times through the year, with particularly high spikes coinciding with sharp price adjustments.

In contrast, weighted sentiment plunged to its lowest since December 18, 2023, just as Ethereum prepared for a significant rally.

Historically, when sentiment reached such lows, ETH experienced considerable price increases. For instance, a 30% rally followed a similar sentiment drop back in December 2023. This pattern suggested a potential for another rally.

The price mirrored these sentiment changes, illustrating the correlation between public perception and market performance.

Notably, the chart depicted multiple instances where negative sentiment extremes were followed by swift recoveries in price, reinforcing the perspective that extreme social sentiment could be a contrarian signal.

Ethereum’s price showed signs of stabilization, possibly gearing up for another ascent past $6,000 if the trend of sentiment-driven rallies continued.