The post Ethereum Price Eyes $3,100 After Bitcoin’s Revival appeared on BitcoinEthereumNews.com.

Although the broader crypto market outlook has been sideways, Ethereum price is traversing a smaller range. For the first time in the past 85 days, ETH has shown signs that it is edging closer to breaking out of this range. This optimism can be attributed to Bitcoin’s recent surge beyond $70,000 and toward an all-time high (ATH) of $73,949. Therefore, a successful breakout from the ongoing consolidation could mean ETH price retests $3,100 and is the next target. Ethereum Price Likely, Hints MVRV Indicator Santiment’s 365-day Market Value to Realized Value (MVRV) indicator shows key signals that suggest that long-term holder accumulation could be coming to an end. The metric has hovered between -17% and 0 for the past 85 days. A negative 365-day MVRV value indicates that investors who bought ETH in the past year are underwater. Long-term holders often accumulate at these levels where short-term holders capitulate. Hence, massive negative spikes create opportunity zones that lead to quick price reversals. To conclude, the 365-day MVRV day suggests that the value of ETH is set to inflate in the coming days. ETH 365-day MVRV Let’s see what technical analysis has to say about Ethereum price forecast. ETH Technical Analysis: Ethereum’s Next Logical Target is $3,100  From a technical standpoint, Ethereum price action is a fractal. ETH is repeating a similar move that was seen twice. Interestingly, these patterns formed also marked macro or cycle bottoms, i.e., rally that began here lead to new all-time highs for ETH. From a long-term perspective, the cycle bottom for Ethereum price formed on August 4 at $2,127. ETH/USD 8-hour chart From a short-term perspective, however, ETH could retest $3,141, which is key supply zone. This area was followed by a massive crash to $2,127. Hence, revisiting this area could trigger some of the…

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Filed under: News - @ October 30, 2024 2:27 pm