Ethereum price has currently drifted into the red zone and the price is slightly trading above the $3200 levels. As of now, Ethereum has sold off by about 25%, and its current price is around $3,300, marking a 20% drop from its cycle high.
While confirmation is not yet complete, higher lows and lower highs suggest a potential breakout in either direction. The broader trend remains bullish, and the current price movement appears to be a correction within that larger uptrend.
Bitcoin remains the dominant force in the market, holding 55% dominance. However, Bitcoin’s dominance is starting to cool off, which is positive for Ethereum and altcoins.
Ethereum faces important resistance between $3,370 and $3,613. A breakout above this range would signal the end of the correction and could indicate the start of a new bullish trend.
Ethereum may also be forming a triangle pattern. If this is the case, more sideways movement may occur before a breakout. A breakout above $3,613 would suggest the development of a bullish triangle pattern, potentially leading to a strong upward move.
Ethereum might be in a “one-two” setup, with a potential bottom already established. If Ethereum breaks above $3,613, it would invalidate the bearish scenario and increase the likelihood of a bullish breakout.
As the altcoin season begins, the short-term gains make Ethereum a lucrative buying option. However, the long-term promises of this programmable blockchain make it a viable long-term crypto investment.
As per our latest ETH price analysis, the Ethereum could reach a maximum price of $123,678.
By 2050, a single Ethereum price could go as high as $255,282.
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