Ethereum climbed above the 3,200-dollar level for the first time in nearly a month, reaching a four-week high.
The move marked an eight percent rebound from the 3,000-dollar support zone since late last week.
Analysts said Ethereum is attempting to flip a key resistance area into support.
History tells an interesting story: every single time ETH has finished Q4 in the red, the next Q1 has closed green.
Niels said.
He added that year-end weakness has historically acted as a reset rather than a trend reversal.
Data shows Ethereum posted its worst fourth-quarter performance in six years, closing down more than 28 percent.
Analyst Ted Pillows said Ethereum is approaching a resistance zone that has capped gains for nearly two months.
A reclaim of this level will pump Ethereum towards the 3,800 to 4,000 dollar range.
Ted Pillows said.
A rejection could push prices back toward the 3,000-dollar support and extend consolidation.
Analyst Ali Martinez said Ethereum is forming a symmetrical triangle, signalling a potential 30 percent breakout.
At the time of reporting, Ethereum price was $3,213.55.