Ethereum sets the stage for $3,400 with a reversal trend in sight

Ethereum was previously poised to surpass the milestone of $4,000. However, that was when the market was coming fresh from the Spot Bitcoin ETF announcements. Sentiments have transitioned since then, and the market is volatile. Not that volatility ever left the space, but it did show signs of settlement. Nevertheless, ETH’s most recent speculation has been revised with the best estimate of $3,400 in the short term or probably by the end of this month.

ETH is currently listed at $3,186.10, dropping 0.90% in the last 24 hours. It reflects a surge of 5.36% in the previous 7 days, but the fact that it is hovering around $3,000 is dangerous in itself. A fall to $3,030 or a lower margin will open the door to a further drop – potentially signaling a bearish dance for the medium term.

Crypto enthusiasts are optimistic it can cost $3,400 instead of shedding more weight. This comes in the wake of Bitcoin Halving, which concluded last Friday. There is still a chance that Ether may fall a bit more before bouncing back to the said margin.

The listed price of Ether is above the 100-hourly SMA. The ETH/USD pair has drawn support at $3,160. The danger zone remains firm at $3,030. Technical indicators like Hourly MACD believe that the pair could be losing its momentum in the bull zone, and Hourly RSI dances below the 50 level. The major support level shifts to $3,150, and the major resistance level is $3,235.

Several support levels have been assumed by the analysts. The Ongoing volatility has made two of them pretty practical – $3,120 and $3,234. Surpassing the first milestone demonstrates the commitment to pull Ether’s value as high as possible. Achieving the following margin shows that tangible results are only a few days away. Weekly highs are showing the signs of gains being consolidated with a slight dip below 23.6 Fib Retracement Level. Ethereum price prediction estimates that ETH can end 2024 on a high note of approximately $5,000. That will be a huge jump with an alternate scenario of closing the year at $4,300.

It talks about the Spot Ether ETF losing its value since there is no official word from the agency about it. If anything, there is a chance that the said ETF will not see the end of the tunnel at any time this year. This is precisely the one factor that triggered a downfall for Ethereum. Bitcoin Halving has happened, and hopes are based on that event for Ether to bring the traction back to the track.

Movements on the charts are around $3,100 and $3,200. A heavier fall will cause the picture to turn upside-down for ETH holders.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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