The post Ethereum to $3,000 – Despite 5% fall, ETH can climb ONLY if… appeared on BitcoinEthereumNews.com.

Altcoin’s metrics revealed that ETH slipped below its possible market bottom on the charts A fall under $2.4k could push ETH down to $2.3k Like most cryptos in the market, Ethereum [ETH] also fell victim to price corrections over the last 24 hours. In fact, ETH’s latest dip pushed the token towards a crucial support level on the charts. In the vent of a successful test, what are the chances ETH will return to hit $3k again? Ethereum’s latest support Ethereum’s losses over the last 24 hours were over 5%, with the altcoin trading just above $2.5k at press time. In the meantime, Ali, a popular crypto analyst, shared a tweet revealing an important development. According to the same, ETH had previously successfully held on to its support at $2.4k. However, the most-recent price decline might once again push the token towards that level. Here, it is also interesting to note that ETH has been moving inside an upward channel pattern since 2021. The token has tested the pattern multiple times. If history repeats itself, then it won’t be a long shot to expect the king of altcoins to move towards $3k in the coming days. In fact, if things fall in place, then ETH might as well touch $4k in the coming months. Source: X Odds of ETH touching $3k AMBCrypto then checked Ethereum’s on-chain data to find out whether the token can start moving towards $3k anytime soon. According to our analysis of Glassnode’s data, ETH’s price slipped under its possible market bottom of $2.58k. The Pi Cycle Top indicator pointed out that ETH’s possible market top could be at $5.7k. Therefore, expecting ETH to hit $3k won’t be too ambitious for investors.  Source: Glassnode Our assessment of CryptoQuant’s data also pointed out quite a few bullish metrics.…

---

Filed under: News - @ November 2, 2024 2:14 am