Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

After Ethereum (ETH) surged past the psychologically significant $2,000 price level yesterday, its next major price hurdle stands at $2,400. Seasoned crypto analyst Ali Martinez emphasized that ETH must clear this level to regain bullish momentum.

Ethereum Needs To Clear $2,400 To Turn Bullish

Ethereum has climbed nearly 4.5% over the past week, rising from approximately $1,800 on March 13 to $1,992 at the time of writing. However, Martinez points out that despite the recent upward movement, ETH must conquer the $2,400 level to confirm a bullish shift.

While $2,400 remains about 20% away from current price levels, multiple crypto analysts believe ETH could be on the verge of a bullish trend reversal. Crypto analyst Merlijn The Trader highlighted that ETH has broken out of a symmetrical triangle pattern on the 4-hour chart.

The analyst added that ETH’s “most hated rally is about to ignite.” Merlijn’s assessment aligns with fellow analyst Ted, who noted that a short squeeze could rapidly propel ETH to $3,000.

Similarly, in an X post, crypto analyst Crypto Caesar suggested that ETH may be near this market cycle’s bottom and could soon experience a strong upward trend reversal. The analyst shared a chart showing ETH bouncing off a long-standing trendline multiple times since mid-2022.

Further supporting the bullish case, analyst Amr Taha explained in a CryptoQuant Quicktake post that over 150,000 ETH have exited derivatives exchanges in the past two days. Taha noted that such large outflows often signal accumulation by institutional investors – a traditionally bullish indicator.

ETH Threatens Slumping To $1,060

Despite the optimistic signals, some analysts warn that ETH may face more downside before any significant upside move. In an X post, crypto trader Mags suggested ETH could crash to a range low of $1,060 if no meaningful support level holds.

Additionally, other analysts caution that ETH could fall as low as $800 if it breaks down from an ascending triangle pattern. Data from crypto exchange-traded funds (ETF) tracker SoSoValue also indicates waning institutional confidence in ETH.

Notably, US-based spot ETH ETFs have seen continuous net outflows since March 5. As of now, total net assets held in spot ETH ETFs stand slightly above $7 billion, representing approximately 2.8% of ETH’s total supply.

That said, Ethereum’s MVRV Ratio dropping to 0.9 could signal a bullish setup for the digital asset, though such effects typically take time to play out. At press time, ETH trades at $1,992, down 1.7% in the past 24 hours.

Featured Image from Unsplash.com, Charts from X, CryptoQuant and TradingView.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.

Ethereum has experienced a crucial surge above the $2,000 mark, a key level that bulls have struggled to reclaim since March 10. This breakout brings renewed optimism, as analysts believe a stronghold above this level could trigger a rally toward higher prices. However, if ETH fails to maintain support above $2,000, a significant drop could follow, leading to further market instability.

Related Reading

Macroeconomic uncertainty and trade war fears have continued to shake the crypto market, with Ethereum being one of the most affected assets. The recent price action reflects investor caution, as global financial conditions remain unpredictable.

Top analyst Jelle shared a technical analysis on X, revealing that ETH is trading at a critical level that will determine its long-term direction in the coming weeks. Bulls must sustain momentum to solidify a bullish structure, while bears are watching for signs of weakness to drive prices lower. With ETH at a pivotal juncture, the next few trading sessions could be decisive for its trajectory.

Ethereum at a Crossroads: Breakout or Breakdown?

Ethereum has lost over 57% of its value since mid-December, with bulls struggling to reclaim higher prices as selling pressure dominates the market. Despite occasional relief rallies, ETH has remained under key resistance levels, leaving investors uncertain about its next move. Speculation about a potential recovery and a continuation of the downtrend are colliding, as price action shows no clear direction.

The $2,000 level has become the ultimate test for Ethereum. Bulls must defend this price with conviction to sustain any meaningful recovery. Losing this support could lead to a sharp decline, pushing ETH into deeper bearish territory.

Jelle stated in his analysis that either ETH is about to put in a massive reclaim or it’s about to jump off a cliff. The $2,000 level is the key limit that will determine Ethereum’s next move. If bulls can maintain strength above this mark, a push toward $2,300 and beyond could follow. However, failure to hold $2,000 would signal further downside, with the next major support sitting around $1,750.

Ethereum’s fate hangs in the balance, and the coming days will be crucial in deciding whether it regains bullish momentum or continues its descent.

Related Reading

Ethereum Battles to Hold $2,000: Key Levels to Watch

Ethereum is currently trading at $1,980 after days of struggling below the crucial $2,000 mark. Bulls managed to briefly push the price above this level, but sustaining it is now the real challenge. Holding above $2,000 is critical for Ethereum’s recovery, as it would signal strength and open the door for a rally toward the $2,200 mark.

The $2,200 level is the most important resistance for ETH to reclaim in order to confirm a bullish reversal. A successful break and consolidation above this point would indicate that bulls are regaining control, potentially leading to a move toward higher targets.

However, if Ethereum fails to hold above $2,000, selling pressure could increase, leading to a deeper correction. A drop below this level could trigger a sharp decline, pushing ETH toward the $1,800 support zone. If this support fails, the next major liquidity level would be around $1,750, where buyers might step in to prevent further downside.

Related Reading

Ethereum is at a critical turning point, and the coming sessions will determine whether bulls can establish a strong foothold above $2,000 or if another wave of selling pressure will drive prices lower.

Featured image from Dall-E, chart from TradingView 

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Ethereum, the second-largest digital asset has been lagging behind other major crypto assets, raising questions about its short-term prospects. While these coins have achieved new all-time highs in the ongoing cycle, ETH has been on a downtrend after revisiting the $4,000 level. A crypto analyst considers the current action as one of the worst since the asset entered the market.

Worst Ethereum Chart In Years Emerges

The bearish state of the market has been reflected significantly in Ethereum price action in the past several weeks. Seasoned crypto analyst and trader Mags revealed that ETH is at a pivotal moment as it grapples with severe negative performance.

Delving into ETH’s action in the ongoing bull market cycle, Mags highlighted that the altcoin has “one of the worst charts of all time.” His prognosis implies that this current bull cycle might be the least productive for the asset since its inception, with traders uncertain about its potential of hitting a new all-time this cycle.

Looking at the chart, Ethereum seems to have made multiple bullish attempts in the past year that were cut short by strong resistance. Mags noted that the price tried 3 times throughout this cycle but failed to break above the range high of $4,000.

Each failed attempt has led to a deeper retracement as seen in the chart. On the last rejection, the price broke down much lower than the mid-range in addition to trading below the upward-slopping trendline support from the cycle bottom.

As a result, the market expert has identified two potential paths for its price trajectory in the short term. One path suggests a much larger bearish movement and the other hints at a significant upside trend, allowing it to reclaim critical resistance levels and triggering renewed momentum.

For the first scenario, Mags has pointed out that ETH keeps heading toward the downside without any major support. Thus, he believes that the altcoin is at risk of a deeper decline to the range low of $1,060. In the second scenario, Mags claims ETH might move to the $4,000 mark to make another bullish breakout attempt after reclaiming the $2,500 level. 

However, from a more technical standpoint, the expert is confident that the bearish scenario is more likely to happen, predicting an extension of the ongoing descent. Meanwhile, for ETH to turn bullish again, it must at least revisit the upward-slopping trendline on the chart.

Breakout Opportunity Emerges For ETH

While ETH eyes further decrease, key developments hint at growing momentum for an upsurge. Technical expert Jonathan Carter has spotted a Descending Channel formation on the Ethereum chart in the 2-hour time frame.

Historically, a descending channel pattern has served as a precursor for an upswing. With the price trading within the pattern and drawing closer to the upper resistance trendline, ETH is likely to break out to the upside. 

When the breakout from the resistance trendline occurs, Carter predicts a push to multiple targets such as $1,962, $2,143, $2,320, and $2,530. This trend reversal is expected to be bolstered by increased volume during a breakout attempt.

Featured image from Unsplash, chart from Tradingview.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.