Ethereum Price Holds Strong at $3,000: ETH Rally Be Next?
The post Ethereum Price Holds Strong at $3,000: ETH Rally Be Next? appeared on BitcoinEthereumNews.com.
Analysts like Ali Martinez and IamCryptoWolf predict upward momentum, with potential Ethereum price targets of $4,000 and $10,000. Spot Ether ETFs recorded $515 million in net inflows last week, led by BlackRock and Fidelity. The Ethereum (ETH) price is down by nearly 10% from its November highs of $3,444, however, bulls have managed to strongly defend the $3,000 support levels. Crypto analyst Ali Martinez has highlighted a critical support zone for ETH at the $3,000 price level. According to on-chain data, this area has seen significant accumulation activity, with 2.82 million wallet addresses amassing over 6.14 million ETH. Courtesy: Ali Charts Martinez noted that this robust demand zone could act as a major point of reversal for ETH to rebound toward higher price levels. Investors and traders are closely watching this key level as a potential catalyst for upward momentum in ETH’s market performance. However, in comparison to other altcoins in its league, ETH has been a slow mover. On the monthly chart, competitors like Solana, and XRP have outperformed Ethereum on a great scale. But crypto analyst IamCryptoWolf said that Ethereum (ETH) price has shown a consistent upward trajectory with the formation of higher lows over the past 2.5 years. Despite its gradual pace, the analyst emphasized that momentum is steadily building. According to IamCryptoWolf, once ETH breaks the critical $4,000 resistance level, it could trigger a strong rally. The analyst has set an ambitious long-term price target of $10,000, per the CNF report. Courtesy: IamCryptoWolf Furthermore, as per the ETH/BTC ratio, Ethereum seems quite undervalued as of now. During Bitcoin’s previous all-time high of $69,000 in 2021, ETH traded near $5,000, reflecting an ETH/BTC ratio of 0.07. Applying the same ratio to Bitcoin’s current price would value Ethereum at approximately $6,300, more than double its current level. Ethereum…
Filed under: News - @ November 18, 2024 9:24 pm