Ethereum Mirrors December 2024 Patterns – Brace for Impact

Deja vu hits crypto markets as Ethereum’s charts echo last December’s eerie formations. Traders scrambling for tea leaves find the same bullish divergences and whale accumulation patterns that preceded January’s 40% rally.

Key signals flashing:

- Exchange reserves bleeding dry (3.2M ETH withdrawn since April)

- Futures open interest creeping toward all-time highs

- Gas fees oddly subdued despite network activity spike

Wall Street ’experts’ who called ETH dead at $1,800 now whisper about $5,000 targets—just in time to justify their new crypto ETF fees. Whether history repeats or rug-pulls, one truth remains: the blockchain never forgets... but traders always do.

Evidence of higher selling pressure shows Ethereum might drop deeper

Source: CryptoQuant

The Coinbase Premium Index tracked the difference in the price of ETH between Coinbase (USD pair) and Binance (USDT pair). Positive premium values reflect a hike in U.S-based investor interest.

Over the past month, this metric has been positive and it seemed to be rising once again. This alluded to a hike in interest from the United States’ participants, which has been the case from the beginning of the rally, from $1.6k.

Source: CryptoQuant

Despite the positive premium, which generally is a sign of a sustained rally, ETH faced rejection at $2.8k. In fact, the 7-day moving average of the taker buy sell ratio has been falling rapidly over the past week too.

It meant that the taker sell orders vastly outweighed the buy orders. As these are market orders, it implied greater selling pressure in the market. Some holders and traders might have been eager to realize profits, which could have halted the rally. A similar situation occurred in December 2024 – Something investors must be wary of.

Source: CryptoQuant

Finally, the spot volume bubble map showed that trading volume was low during April’s bottom. That’s not all though, as trading volume fell consistently over the last few days too.

The green bubbles indicated a drop in volume, while the size represented the trading volume. December 2024’s trading volume saw a sharp uptick, and this was marked as “overheating.” Subsequently, ethereum faced a sharp drop.

The cooling trading volume on the approach of the $2.6k-$2.8k resistance zone may be a sign that buyers were wary. It could also be a sign that selling pressure from profit-takers has not been overwhelming. Thus, this finding seemed to reinforce the idea of a “market reset,” instead of a trend reversal