Market analysts are eyeing a rally to $3,000 for Ether, but that could only happen in Q4 2024. When will Ether overcome its key resistance level of $2,700?
Ether is poised to break $3,000 in Q4.
According to crypto analyst Poseidon, the price of Ether (ETH) appears to be heading towards a breakout above the psychological level of $3,000. He wrote in an August 28 post on X:
“The plan was followed, long positions were filled below $2,500. Price tested daily demand, cleared the same low, and recovered above it again. It’s too early to tell, but everything looks good for a move above $3,000.”
Other analysts are also expecting a breakout. However, according to market analyst Elsa Boom, Ether’s price rally could be delayed until Q4 2024.
The analyst wrote in a post to X on August 28:
“ETH is still trading above the EMA 50 support level. Price capitulation has occurred. Now, the price is in a boring range-bound phase. I am still confident that there will be no breakout before Q4.”
The 50-day exponential moving average (EMA) is a technical indicator that tracks the average price of a financial asset over the past 50 days and is often used to identify local support.
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Popular analyst Satoshi Sniper noted in a post on X that in another bullish signal, Ether whales accumulated 200,000 Ether in the four days leading up to August 26, worth over $540 million.
Can ETH price overcome key resistance level of $2,700?
According to Aurélie Barter, Senior Research Analyst at the Nansen on-chain analytics platform, Ether is facing significant resistance around $2,700, which is expected to be a difficult challenge to overcome going forward.
The analyst told Cointelegraph:
“2.7k is the next resistance level for ETH, and there is not enough evidence to show that it has been broken yet, as the price has not stayed above this level long enough or with enough volume.”
According to CoinGlass data, if Ethereum were to hit $2,700, $481 million worth of cumulative leveraged short positions would be liquidated across all exchanges.
Meanwhile, Ether bears are suggesting a potential correction to $1,750 is possible, according to an August 28 post by anonymous trader Mizuhara.
“Dead cat bounce here or $1,750 next time. Short and sweet.”
A dead cat bounce is a trader’s slang term for a situation where an asset’s price adjusts significantly, then temporarily recovers before falling again.
This article does not contain any investment advice or recommendations. All investment and trading moves involve risk, and readers should conduct their own research when making decisions.