Analysis: The probability of Ethereum's price rising to the psychological level of $3000 has increased

2024-10-18 23:42:52

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ChainCatcher news, according to Cointelegraph, ETH is about to break the psychological barrier of $3,000, but analysts warn that there may be more downside potential before the breakout.

Technical analyst Mikybull stated, "According to the daily chart, the short-term target price for ETH's inverse 'head and shoulders' reversal pattern is $3,000." Technical analysts use the head and shoulders pattern as a signal that marks the end of a downtrend, indicating a bullish price reversal. Other analysts predict that Ethereum's historical high may occur in the first quarter of 2025.

Cryptocurrency trader Daink shared his technical analysis, suggesting that the price of Ethereum is expected to reach $4,000 by the end of the year. He wrote in a post on October 17, "The historical high will appear in the first quarter of 2025, but for now, I believe it will reach $4,000."

Anonymous cryptocurrency analyst Ignas stated that the weakness in Ethereum's price may be due to Ethereum losing ground in the Layer 1 (L1) blockchain innovation war.

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