Multiple analysts make predictions for ethereum price action, challenging the $3,000 psychological barrier in the short term
On 18 October, it was reported that several analysts made predictions on Ether price action. Ether is poised to rally above the psychological $3,000 mark, but some analysts are warning that there could be more potential downside for Ether before a breakout.
Technical analyst Mikybull said, ‘Based on the daily chart, the short-term price target for the ETH reverse “head and shoulders” reversal price pattern is $3,000.’ Technical analysts use the head and shoulders pattern as a signal formed at the end of a downtrend, signalling a bullish price reversal. Other analysts predict that a new all-time high for ethereum could come in the first quarter of 2025. Cryptocurrency trader Daink shared his technical analysis that Ether prices are on track to reach $4,000 by the end of the year, writing in an October 17 post, ‘All-time highs will come in the first quarter of 2025, but for now I think it will be $4,000 first.’ Ignas, an anonymous cryptocurrency analyst, said the weakening of Ether's price could be due to Ether losing ground in the battle for Layer 1 (L1) blockchain innovation.
Not all traders are optimistic about the short-term movement of the Ether price. Cryptocurrency trader Justin Bennet said that the technical pattern on the one-hour charts suggests that ETH could pull back to $2,400. In an X post on 17 October, Bennet wrote: ‘This isn't a pattern I trade, but ETH could be forming a diamond reversal pattern. If it closes below support, the target is $2,485.’ Ether's Relative Strength Index (RSI) also indicates a potential price pullback. On the daily chart, Ether's RSI sits at 59, above its 14-day SMA of 50. According to Coinbase, the last time Ether's RSI rose to 60, Ether's price underwent a six-day pullback, with the RSI bottoming out at 39, and Ether bottoming out at $2,309 on Oct. 24. The RSI is a popular momentum indicator used to measure whether an asset is oversold or overbought, based on the magnitude of a recent price change. RSI is a popular momentum indicator used to measure whether an asset is oversold or overbought based on the magnitude of recent price changes.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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