$3K Ethereum Price Split Could Be Delayed Until October
Market analysts are predicting Ether's rally to $3,000, but that could only happen in the fourth quarter of 2024. How fast can Ether overcome the $2,700 resistance?
Ether is preparing for a Q4 breakout above $3,000.
The price of Ether (ETH) appears to be preparing for a breakout above the $3,000 psychological mark, according to crypto analyst Poseidon in an August 28 X post:
“I followed the plan, and my lifetime total was less than $2500. The price tested the daily demand, cleared the par lows and bounced back above it. Too early to talk but everything looks good to send over $3k.
Other analysts are also expecting a spark. However, Ether's price rally may be delayed until the fourth quarter of 2024, according to market analyst Elja Boom.
The analyst wrote in an August 28 X post:
“ETH is still trading above the EMA 50 support level. A price rally has occurred. Now, the boring phase is underway where the price continues to trade within a certain range. I am still confident that there is no hint 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 determine local support.
Related: Can Bitcoin Get a Green Monthly Close Above $64.3K?
In another sign of brutality, ether whales amassed 200,000 ether worth more than $540 million in the four days before August 26, noted analyst Satoshi Sniper told XPost.
Can ETH price overcome key $2,700 resistance?
Ether has significant resistance around $2,700, which will remain a challenge to overcome, said Aurelie Barre, principal research analyst at Nansen Onchain Analytics Platform.
The analyst told Cointelegraph:
“2.7k is the next resistance level for ETH, and there is not enough evidence that it has been broken yet, because the price has not stayed above this resistance long enough and long enough.
A hypothetical Ether rally above $2,700 would eliminate more than $481 million worth of total leveraged short positions across all exchanges, according to CoinGlass data.
On the other hand, Ether bears argue that a correction to $1,750 is possible, according to anonymous trader Mizuhara, who wrote in an August 28 X post:
“Either a dead cat comes in here or $1,750 next. Short and simple.”
A dead cat bounce is trader slang for a temporary price recovery in an asset after a major correction.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
