Nevertheless, after experiencing a minor decline in price on Friday, Ethereum (ETH) has shown tremendous strength by increasing with a rate of 2.84 percent for the last 24 hours. As a further break down of the altcoin’s possible next steps, crypto analyst Analyst has forecast that there is potential for an all- time high of as much 6000 USD if the momentum continue forth.
Whereer Ethereum Is Now – Recent Developments.
There are 5 critical analysts who’ve consistently referred to a $2,400 price as support and it is not being lost at this time: Martinez. Interestingly, on Friday Ethereum dropped to nearly $2410, where it now stands following its rejection at $2500. For now, Ali Martinez believes that ETH should keep $2400 level safe in order not to risk breaking the upward going channel which has been in place since July 2023.
Considering the analyst’s trading approach, this will open up the way for retesting the support held the first time when retesting $3000 and creating a range between this value and $3350 and $3750. Subsequently, another breakout should occur that will take the price of Ethereum to the upper region of the ascending channel which is most likely to at the time be around $6000 translating to a possible increase of 142 percent on the current market value of this asset.
Ethereum bulls need to defend the $2,400 support level, otherwise the altcoin can lose 40% in value finding a support level of $1,500. Ali Martinez however cautions traders to place a stop loss between $2,150 – $2,300 in such a high risk to reward scenario, to avoid large losses.
This is a bearish signal for Ethereum for short term active traders as the price is bound to drop within the next few days. Long term traders on the other hand would want to see such a price fall to be an accumulation opportunity, Darkfost explains.
At the time of reporting, ETH trades at $2,473 per unit. Even though the altcoin in its previous day may have gained slightly, a loss of 6.47% and 6.27% in the previous seven days and thirty days respectively, creates a lot of dissatisfaction for investors. Furthermore, Ethereum’s daily trading volume of $12.22 billion is down 48.27%, indicating reduced liquidity in the market and greater likelihood of price fluctuations.
