During the recent weeks, Ethereum displayed price decreases before initiating an upward movement. Analyst Ali Martinez makes a market projection that Ethereum will first drop to $2,300 and then rebound to $4,000.
The Ethereum market cap maintains a total amount of $332.3 Billion while its price stood at $2,756 as of press time and presents a one-day increase of 1.51%.
Analyst Prediction: ETH’s Path to $4,000
Ethereum price movement is ranging between $2,300 to $4,000, displaying consistent trends according to Technical analyst Ali Martinez.
The double-top pattern serves as a bearish indication for the analyst who believes a turn in the opposite direction is possible.
The formation of similar patterns leads to potentially stronger price adjustments which will occur before greater price growth can begin.
The cryptocurrency has passed through these support levels in its historic run and then elevated its market value.
Historical documents demonstrate that the $2,300 support point acted as a major indicator in both the middle of 2023 and the beginning of 2024.
Ethereum will likely push up to its $4,000 barrier after sufficient trader purchase power emerges at the $2,300 support level.
Ethereum’s Price Outlook
The main Ethereum support area stretches from $2,610 to $2,300. Investors need to enter the market at the $2,300 price mark to halt declining trends.
ETH meets its first barrier at $3,000 which gives way to an even more substantial challenge near $4,000. The price needs to exceed these resistance levels for an extension of upward market momentum.
The cryptocurrency marketplace has recorded a 30% reduction in Ethereum’s daily trading volume over the last day with $13.75 Billion current trading volume.
Lower market participation following price stabilization together with declining volume shows signs of market consolidation before significant movement is likely to take place.
Market activity shows moderate levels as indicated by the 4.14% ratio between price and market capitalization.
Ethereum maintains a consolidation pattern within the four-hour chart as its price moves between $2,600 and $2,800. The red area in the chart indicates an accumulation zone.
On the other hand, the Awesome Oscillator histogram demonstrates a movement from negative to positive momentum zones which indicates developing bullish momentum signals.
Verification through a price breakout from the current consolidation area remains necessary. The price movements of Ethereum suggest neutral conditions on its Relative Strength Index but these levels are not explicitly shown.
What to Expect from ETH Price
A major increase in Ethereum price to break $3,000 can establish conditions for reaching $4,000 when supported by prices above $2,300. Market volume strength during an uptrend will prove the validity of this bull run.
A lack of support at $2,300 would increase the risk of Ethereum falling toward $2,000. Ethereum will validate the double-top pattern if it fails to keep its price above $3,000 in the upcoming short-term period.
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