Amid increased price volatility, Bitcoin price has experienced a strong pullback over the past 24 hours. Following this, the Ethereum price has experienced a similar price action by facing rejection around its important resistance level of $2,800.
Planning on investing in this digital asset before the Altseason begins? In this article, we have covered the short-term price prospects of the largest altcoin by market capitalization, the Ethereum (ETH) token.
ETH Price Optimistic Outlook By Analyst!
Despite the ongoing correction in the Ethereum price, Michael van de Poppe, a well-known cryptocurrency analyst with substantial followers of 733.1k feels highly bullish about the ETH crypto token.
Notably, even if Ethereum retests its low of $2,500, the market can still be considered under a bullish sentiment. Moreover, if the price holds its value above the $2,700 level. In that case, the altcoin leader could potentially retest its $3k level to the $3.2k level.
Ethereum Price To Retest Its $2.5k Before A Break Out Rally?
Amid increased price volatility, the ETH coin token had recorded a significant jump over the past week. However, the Ethereum price has faced rejection at its crucial resistance of $2,800. This has resulted in it losing momentum over the past 48 hours.
Notably, the Ethereum token has been trading within the consolidated range between $2,175 and $2,870 since August. This indicates a weak price action for the altcoin in the longer time frame. With a trading price of $2,624.61, it has a market capitalization of $315.48 billion.
ETH Coin Price Technical Sentiments
The EMA 50-day has displayed a bullish convergence in the 1D time frame. This indicates an increase in the buying-over-selling pressure for the altcoin in the crypto market.
Furthermore, the MACD indicator has displayed a constant green histogram in the ETH crypto price chart. This highlights that the altcoin leader may experience a strong bullish reversal in the coming time.
Will The Ethereum Price Go Up?
Suppose, a bullish reversal occurs, in that case, the ETH coin price will retest its important resistance zone around the $2,800 level. Furthermore, if the bullish sentiment intensifies at that point, this could result in it heading toward its upper price target of $3,000 this year.
On the contrary, if the bears outrun the bulls, the Ethereum crypto could retest its support level of $2,530. Moreover, if the bulls fail to regain power at that level, this altcoin could potentially plunge toward its lower support level of $2,200.
Wondering when the 2nd largest crypto token will hit the $5k level? Read our Ethereum (ETH) Price Prediction 2024 – 2030!
