Will Ethereum Soar To $6,000 Or Dive To $1,600?
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Este artículo también está disponible en español. Ethereum (ETH) has seen significant volatility in recent weeks, dropping from a one-month high of nearly $2,730 at the end of September to around $2,400, raising concerns about the medium-term price sustainability of the second-largest cryptocurrency by market capitalization. Ethereum Rally To $6,000 If $2,300 Support Holds Ethereum has fallen 7% in the past two weeks, with a key support level now at $2,300. This support is crucial for bullish investors hoping for a resurgence that could push ETH to new all-time highs. According to technical analyst Ali Martinez, this moment is pivotal for Ethereum’s future price trajectory. Martinez suggests that if ETH can maintain its support above $2,300, a rally toward $6,000 might be on the horizon. Such a surge would significantly increase, surpassing Ethereum’s previous all-time peak of $4,878 in November 2021. If this bullish scenario plays out, it could translate to a substantial 150% increase from current trading levels. Related Reading Conversely, if Ethereum fails to hold above the $2,300 support level in the short term, Martinez warns that ETH’s price could drop to around $1,600. This would signify a decline of nearly 34% from current levels, exacerbating the losses experienced during previous market corrections on August 5 and September 6, when ETH fell by more than 20% on each occasion. The potential loss of the $2,000 mark would also be particularly significant, marking a psychological barrier that has not been breached since November 2023. This time frame corresponds with a broader market uptrend that continued until the end of the first quarter of 2024, underscoring the importance of the $2,300 support level for Ethereum’s bullish outlook. ETH Underperforms Broader Crypto Market In addition to the absence of bullish catalysts for the second-largest cryptocurrency in the market, CoinGecko data indicates…
Filed under: News - @ October 9, 2024 10:26 am