Ethereum Price Prediction: The crypto market is stabilizing following a sharp recovery from last week's lows. Bitcoin too Ethereum Earned a minor profit in the last 24 hours and made a profit on Tuesday. The largest cryptocurrency maintains above the important $64,000 level, while Ethereum changes at $3,080.
If the bulls gain control, crypto prices will likely see weekly closing prices rise. For Ethereum to reach the coveted target of $4,000, it will need to clear important hurdles at $3,200 and $3,500.
As discussed in BTC/USD price analysis, an increase in the number of put options suggests positive sentiment. A breakout to $67,500 is possible this week, and Bitcoin is likely to settle above $70,000 by the end of May. In predictions, BTC is poised to rise parabolically to $100,000 in 2024.
Ethereum Price Prediction: Has ETH Bottomed Against Bitcoin?
The ETHBTC pair remained at $0.04825 during US business hours. This is a 4.38% increase from the recent low of $0.04622. The current price level highlights an 8% decline from the April high of $0.05249.
Based on the outlook of the Moving Average Convergence Divergence (MACD) indicator, the path of least resistance is to the downside, at least for now.
As seen on the chart, the pair recently broke below the uptrend line, highlighting the bearish trend. With the sell signal, further losses are expected and Ethereum may continue to fall. Bitcoin.
Traders may be considering increasing exposure to short positions due to ETHBTC’s position in all three bull market indicators: 20-day Exponential Moving Average (EMA), 50-day EMA, and 20-day EMA is high.
Two subsequent 4-hour death crosses further worsened the technical situation. However, potential support areas are located at $0.048 and $0.047. If the push strengthens and selling pressure returns, Ethereum could seek liquidity from the lower levels of $0.046 and $0.045.
Evaluation of the basic structure of ETH
Into the Blocks The IOMAP model reveals potential selling pressure on Ethereum’s recovery path to $4,000. Based on the model, the area between $3,075 and $3,166 is the zone of maximum seller congestion. Approximately 3.34 million addresses purchased his 5.68 million ETH in this range, suggesting that there may be some sell-side pressure as the price rises.
A narrowing of support, indicated by a small green circle, can spell doom. Ethereum If the sell-side pressure is likely to spike.
Nevertheless, if the fundamental hurdles can be overcome, Ethereum could rally above the $3,500 resistance, paving the way for a rally to $4,000.
The continued upward trend in the number of newly created addresses, as depicted by Santiment, is another bullish factor to consider when trading Ethereum. According to X's feed, the number of new addresses jumped to 196,700, with the biggest move coming from May 4th to May 5th. This is also his highest single-day total since October 2022.
Although there has been a noticeable slowdown recently, with the number dropping to 115,000 on May 6, the overall outlook remains bullish. The spike in addresses signals an influx of funds into Ethereum, which could trigger a rally to $4,000.
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