HomeNewsEthereum Price Prediction: Will ETH Hit $3,895 or Dip to $2,877? Bullish...

Ethereum Price Prediction: Will ETH Hit $3,895 or Dip to $2,877? Bullish Momentum Signals Breakout in Near Future

- Advertisement -
  • Investors remain optimistic as ETH approaches potential breakout from a bullish falling wedge pattern.
  • Analysis suggests ETH may reach new highs of $3,895 if bullish trends continue; bearish scenario could see $2,877.

Ethereum appears poised for a potential bullish breakout in the near future, sparking enthusiasm among investors tracking its recent price movements. Over the past week, Ethereum experienced notable selling pressure, yet market indicators have remained bullish. 

As of the latest data by ETHNews, Ethereum’s price has risen by more than 2% in the last seven days, with a notable surge of over 3% in the past 24 hours, bringing its current trading value to $3,488.88 and a market capitalization exceeding $419 billion.

Source: In to the Block

Analysts by ETHNews and CoinMarketCap, have observed a bullish falling wedge pattern forming in Ethereum’s price chart. This pattern, highlighted by X crypto analysts, suggests a potential breakout soon.

Source: @WorldOfCharts1

Despite previous rejections from the upper limits of this pattern, there are optimistic signals indicating a possible upward movement in Ethereum’s price trajectory.

Short-term metrics for Ethereum also show mixed signals. According to ETHNews’ analysis of Santiment’s data, there has been a significant increase in Ethereum’s Exchange Inflow and Supply on Exchanges, indicating heightened selling activity among investors.

Source: Santiment

However, large holders of Ethereum, known as whales, have maintained their confidence as the supply held by top addresses has increased.

Technical indicators such as the Moving Average Convergence Divergence (MACD), Relative Strength Index (RSI), and Chaikin Money Flow (CMF) are showing positive signs.

Source: Tradingview

The MACD suggests a potential bullish crossover, while the RSI has seen an uptick towards a neutral stance, and the CMF indicates increasing money flow into Ethereum.

Looking ahead, if the current bullish momentum persists, Ethereum could potentially reach new highs, with ETHNews analysts speculating a price target of around $3,895 in the coming days. However, in a bearish scenario, Ethereum’s price might retreat to around $2,877.

Overall, while Ethereum faces short-term uncertainties due to increased selling pressure, the broader market sentiment remains cautiously optimistic about its potential for a breakout and sustained upward movement towards new price highs by the end of this year.

Investors and analysts alike continue to monitor Ethereum’s price movements closely for further insights into its future trajectory.

Disclaimer: ETHNews does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. ETHNews is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.
Isai Alexei
Isai Alexei
As a content creator, Isai Alexei holds a degree in Marketing, providing a solid foundation for the exploration of technology and finance. Isai's journey into the crypto space began during academic years, where the transformative potential of blockchain technology was initially grasped. Intrigued, Isai delved deeper, ultimately making the inaugural cryptocurrency investment in Bitcoin. Witnessing the evolution of the crypto landscape has been both exciting and educational. Ethereum, with its smart contract capabilities, stands out as Isai's favorite, reflecting a genuine enthusiasm for cutting-edge web3 technologies. Business Email: [email protected] Phone: +49 160 92211628