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Sohrab Khawas
Sohrab Khawas
Author
Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Oct 11, 2024 07:30 UTC
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Ethereum Bulls Eye $2520 Target, But Analyst Warns of 53% Correction Risk!
Despite the BTC price witnessing a momentary drop to under $59k last night, Ethereum recorded a 0.66% rise, leading to an intraday doji candle. The ETH price is currently trading at $2381, with a minor intraday pullback of 0.14%.
Will this hope of recovery stand as Vitalik Buterin and Ethereum foundations continue to sell ETH? Read our Ethereum price analysis below to learn the crucial supports and potential Ethereum price targets.
Ethereum Price Analysis
In the 4-hour chart, the declining trend in ETH price action reveals a triangle pattern. Currently, the altcoin’s price is testing the waters near the support trend line and teasing a bullish comeback.
Furthermore, the lower price rejection near the $2300 support and local support trend line fuels the possibility of a bullish comeback. Even the 4-hour RSI line shows a bullish divergence between the past two dips near the $2340 mark, projecting a potential double-bottom reversal.
Analyst Highlights Ethereum’s Point of No-Return
In a recent X post, the crypto analyst Martinez highlighted crucial support for ETH, which is nearly $2250. The crucial support comes with the analysis of Ethereum along with the TD setup. Based on the indicator, a strong bull run follows every time the Ethereum price breaks above the TD resistance trendline.
However, a breakdown below the TD support trend line has seen an average correction of 53%. The average TD support trendline currently stands at $2250, and a breakdown below this could result in a massive correction.
Reposting this analysis, Martinez highlights the analysis along with the caption, “Now it makes why Vitalik Buterin and Ethereum Foundation have been selling.” With such a caption, an increased possibility of a drop below $2250 in Ethereum is highlighted.
Ethereum Price Targets
In case of a reversal rally, the overhead resistances for ETH in the near term are at $2425 and the local resistance trendline. Based on the Fibonacci levels, the breakout rally is likely to challenge the 50% level at $2520 or $2624 at the 78.60% level.
In case of a bearish breakdown, the next support levels are present at $2300 and $2200. For insights into Ethereum’s future price, read our ETH Price Prediction!
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