Ether (ETH), the world’s second-largest cryptocurrency, has been a subject of much debate lately. While some analysts are bullish, predicting a surge to $3,000 by the fourth quarter (Q4) of 2024, others remain cautious, highlighting key hurdles.
A Q4 Breakout In Sight?
Crypto analyst Poseidon believes Ether (ETH) is setting the stage for a significant price increase. They point to a potential breakout above the psychological barrier of $3,000 in Q4. This optimism reflects a technical analysis suggesting a healthy price trend.
However, market analyst Elja Boom cautions that reaching $3,000 may not be as swift. A crucial obstacle lies at $2,700. This resistance level acts as a roadblock, potentially delaying the rally. Overcoming this hurdle could trigger liquidations exceeding $481 million in short positions, further fueling a potential upswing.
Whales Accumulate, But Bears Remain Wary
Adding fuel to the bullish fire is the recent activity of large investors, known as whales. According to analyst Satoshi Sniper, whales accumulated a significant amount of Ether, exceeding $540 million, in the days leading to August 26th. This suggests growing confidence among major players.
Also Read: Ethereum ETFs Rebound – Daily Inflows Hit $5.84M As Bitcoin ETFs Bleed
However, not everyone shares this optimism. Pseudonymous trader Mizuhara warns of a potential correction to $1,750. They use the term “dead cat bounce” to describe a temporary price recovery before a further decline.
Uncertain Trajectory – Watch the Indicators
The coming weeks will be crucial in determining Ether’s direction. Can it overcome the $2,700 resistance and confirm the bullish predictions? Or will a correction materialize, as some bears suggest? Monitoring key technical indicators and investor sentiment will be vital for understanding Ether’s short-term and long-term trajectory.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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