Ethereum Consolidates. Is $3000 Achievable?
Date: 2024-02-07 Author: Dima Zakharov Categories: BLOCKCHAIN
Ethereum's Struggle
Ethereum reached a local peak of $2720 on January 12th and has been on a downward trend since. Currently, it has been trading sideways for 61 days, prompting speculation about its potential breakout.
Facing Resistance
On the weekly timeframe, Ethereum has been on an upward trajectory since June 2022, marked by three consecutive higher lows. However, despite reaching a high of $2720 in January 2024, it failed to sustain this level, signaling a false breakout.
Analyst Perspectives
Crypto analysts are divided on Ethereum's future trend. While some, like CryptoMichNL, anticipate a bullish movement towards $3000 as long as the price stays above $2150, others predict a more bearish scenario.
Forecasting Ethereum's Movement
The daily timeframe shows a similar uncertainty, with Ethereum trading between $2200 and $2370 over the past 61 days. The impending breakout will likely depend on whether Ethereum can breach either of these levels convincingly.
Potential Scenarios
A successful breakout could propel Ethereum towards $2700, representing a 16% increase, while a breach of the $2200 support level could lead to a 17% decline to $1950.
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