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Home»TRADING NEWS»Is Ethereum (ETH) worth $4,000 on your card?
TRADING NEWS

Is Ethereum (ETH) worth $4,000 on your card?

By Crypto FlexsApril 30, 20243 Mins Read
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Is Ethereum (ETH) worth ,000 on your card?
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Ethereum (ETH) price is in a sharp decline at the time of this writing, but is actually validating a bullish pattern.

Buoyed by market conditions, the second largest cryptocurrency on the planet reached $4,000.

Ethereum Investors Still Optimistic

Ethereum price fell as low as $3,000 in the last 24 hours, but this proved a major test of the upper trend line of the descending wedge. The profit potential of altcoins is supported by the fact that optimism among ETH holders remains alive.

As the NUPL (Net Unrealized Profit/Loss) indicator shows, ETH holders are still making significant gains. This creates optimism about the rally as they are in the same sentiment zone.

Historically, ETH price has risen more often than not while in this zone. It is expected to be the same this time as well.

Ethereum NUPL. Source: Glassnode

Ethereum whales, on the other hand, are slowing down the movement of assets. Overall, total trading volume for the day was $5.09 billion, up from $11.05 billion on Tuesday.

Whale movements are generally considered bearish as they are potentially subject to a correction. However, given the low price of ETH, activity suggests optimism.

Ethereum whale trading volume.
Ethereum whale trading volume. Source: IntoTheBlock

ETH Price Prediction: Potential Reversal

Ethereum price at $3,000 remains the support level moving within the descending wedge at $2,991. This bullish chart pattern is characterized by trend lines converging towards lower highs and lower lows. This indicates that the trend is likely to reverse when the price breaks out of the wedge formation in an upward direction.

According to the pattern, the target for ETH is $4,000, which means a 27% price increase. In fact, it is highly unlikely that the price of Ethereum will reach $4,000 in the next month. However, a breakout of this pattern could cause the price to rise to $3,582.

This represents a 13.6% increase in ETH and will encourage further participation from investors.

Read more: Ethereum (ETH) price prediction for 2024/2025/2030

Ethereum price analysis
Ethereum price analysis. Source: TradingView

On the other hand, if the Ethereum price passes the support at $2,991, it may decline to the lower trend line at $2,894. Loss of this support could invalidate the bulls and push ETH further below $2,800.

disclaimer

In accordance with Trust Project guidelines, this price analysis article is provided for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate and unbiased reporting, but market conditions may change without notice. Always do your own research and consult with a professional before making any financial decisions. Our Terms of Use, Privacy Policy and Disclaimer have been updated.

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