Ethereum may be on the verge of a major breakout, with predictions suggesting it could hit $3,000 in the next month. According to CoinCheckup, a popular cryptocurrency market prediction platform, Ethereum is expected to rise by 51% in the next three months. With such positive expectations, the current price decline Ethereum This could be a short-term setback against the impending rally.
Related reading
Short term analysis and market indicators
Cryptocurrency analyst Michael van de Poppe has been following Ethereum’s recent performance and believes that it could soon reverse to an upward trend. Poppe highlighted the fact that Ethereum was trading 6.14% below its estimated price for the next month.
However, he believes there is an 80% chance that Ethereum will rise above $3,000 in September. He likens the current market to past cycles, recalling the last time the altcoin saw a prolonged loss before the 2018 bear market.
There is only one occasion where Ethereum More than three monthly red candles have been made.
The bear market started in 2018.
I think the opportunity Ethereum The price being above $3000 in September is greater than 80%. pic.twitter.com/deUgSGfqkR
— Michael van de Poppe (@CryptoMichNL) August 17, 2024
Ethereum has found support near $2,500 on the weekly charts, a level that is typically seen before a major recovery. Another metric that supports the possibility of a price reversal is the stochastic RSI, which is currently in oversold territory. If Ethereum can break the $3,000 resistance level and show at least some decent improvements in demand trends, a rally is imminent.
Demand trends and investor sentiment
Although the indicators are very promising from a technical standpoint, not everything is rosy regarding Ethereum. The largest altcoin has seen a downward trend in demand, which is reflected in the declining weekly RSI. For Bob’s predictions to come true, this downward trend must be canceled. However, there will also be positive signs. US investors are showing increasing interest in Ethereum, which is highlighted by the positive Coinbase Premium indicator.
Even speculators in the futures markets are bullish, with the buyer-to-bear ratio indicating that there are more buyers than sellers. This sentiment from traders suggests that the market mood is conducive to the rise in the value of ether.
Ethereum: Long-Term Growth Prospects
However, if we look beyond the short-term moves, CoinCheckup’s outlook is largely positive for Ethereum in the long term. It forecasts: The cryptocurrency will rise in value by 120% In the next six months and by 145% in the next year. This basically means that the current price drop may just be a temporary spike before Ethereum’s price rises significantly.
Related reading
These independent forecasts now overlap to show the huge potential of Ethereum. This will be a good opportunity for investors to increase their positions in Ethereum if the current market conditions go according to the forecasts provided.
Ethereum’s current price levels, supported by these technical indicators and bullish investor sentiment, have the potential to surpass $3,000. Of course, improving demand trends and network activity will be a hurdle to overcome. However, the long-term outlook for this cryptocurrency is very promising. Investors should stay tuned and watch for signs that may confirm the expected upside.
Featured image by Pexels, chart by TradingView
Comments are closed, but trackbacks and pingbacks are open.