Ethereum (ETH) recently displayed only modest movement following a market rebound, struggling to surpass the $4,000 threshold. Crypto analyst Ali Martinez highlighted a critical support zone between $3,700 and $3,810, where significant accumulation activity took place. This zone's strong buying pressure marks an area of substantial investor interest.
The high buying levels imply market confidence in Ethereum's potential to break through resistance. Should the support zone be lost due to bearish sentiments, Ethereum could quickly fall to $3,565, with further support at $3,303.
Moreover, according to Santiment, Ethereum's network growth has hit an eight-month high, with 130,200 new addresses created daily in December. This increase suggests growing retail and institutional interest, supported by factors like Ethereum's price performance, the expanding DeFi ecosystem, and successful spot ETFs.
Ethereum's current price stands at $3,885, having faced a downturn of 0.99% in the past day, and a cumulative 2.75% loss over the past week. Despite these challenges, the influx of new addresses and strong support levels hint at positive momentum.
