Ethereum

bullish

2024

United

April

<p>The post <a href="https://coinpedia.org/price-analysis/is-ethereum-price-poised-for-a-major-comeback-analysts-weigh-in/">Is Ethereum Price Poised for a Major Comeback? Analysts Weigh In!</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Ethereum (ETH) has bounced back strongly after hitting a crucial support level of $2,116 earlier this week. By Thursday’s close, Ethereum had surged 10% in the past 24 hours, bringing its price to about $2,670 during the mid-London session on Friday. With a market valuation of around $321 billion and a daily trading volume of $23 billion, Ethereum remains a major player in the market.</p> 
<p>Here’s everything you need to know! </p> 
<h2 class="wp-block-heading" id="h-ethereum-vs-bitcoin-who-will-win">Ethereum vs Bitcoin: Who Will Win? </h2> 
<p>Despite its recent gain, Ethereum is struggling to keep up with Bitcoin, which has seen its dominance reach its highest level since April 2021. Since December 2021, Ethereum has been losing ground against Bitcoin, with the ETH/BTC trading pair currently around 0.0437. </p> 
<p>The recent approval of spot Ether ETFs in the U.S. has led to a “sell-the-news” reaction, intensified by significant cash outflows from Grayscale’s ETHE.</p> 
<p><strong>Challenges Ahead </strong></p> 
<p>With August and September likely to be bearish for the crypto industry, Ethereum bulls face a tough road ahead. If Ethereum’s price holds steady at current levels by the end of the week, it could form a dragonfly candlestick, potentially signaling a strong bullish move after a successful reversal.</p> 
<h2 class="wp-block-heading" id="h-midterm-ether-price-prediction">Midterm Ether Price Prediction</h2> 
<p>Technically, Ethereum is currently in a bearish phase, with short-term holders facing significant unrealized losses.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">The most important support level for <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw">#Ethereum</a> is between $2,314 and $2,435, where 2.14 million addresses acquired 51.67 million <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a>! <a href="https://t.co/1h1G2ZcZHd">pic.twitter.com/1h1G2ZcZHd</a></p>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1821845244670833076?ref_src=twsrc%5Etfw">August 9, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Since November 2023, Ethereum’s daily chart has shown a death cross between the 50 and 200 Moving Averages (MAs), highlighting the ongoing bearish trend.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw">#Ethereum</a> forms a bull pennant on lower time frames, indicating a potential rise of over 4% towards $2,820! <a href="https://t.co/EHp4XwBF3F">pic.twitter.com/EHp4XwBF3F</a></p>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1821803186866303143?ref_src=twsrc%5Etfw">August 9, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Despite the current bearish trend, crypto analyst Ali Martinez is hopeful about Ethereum’s future. Martinez forecasts a potential price breakout to around $2,820 in the coming days. Additionally, Ethereum is forming a bullish pennant pattern on the one-hour chart, suggesting possible upward momentum.</p> 
<p><strong>As the crypto market remains volatile, all eyes are on Ethereum. Will it defy the odds and soar, or will it succumb to the bearish pressure?</strong></p>

Is Ethereum Price Poised for a Major Comeback? Analysts Weigh In!

Table of Contents

CoinPedia News

Other articles published on Aug 9, 2024

Four Arrested in Kyiv for Alleged Kidnapping and Murder of Bitcoin Investor: Details

OKX to close accounts interacting with Tornado Cash

Donald Trump expects a global financial crisis and world war III

Bitcoin Surges as Bulls Regain Control

TON and Cocos Studio team up to transform Web3 Gaming

TON users gain free access to advanced analytics

Join our free newsletter for daily crypto updates!