Ethereum Price Forecast: ETH Bulls Could Rally to $3,000 if $2,715 Resistance Key is Weakened
The Ethereum price (ETH) has flipped bullishly today, surging 9%, with ETH/USD trading at $2,664. However, the second-largest coin is still down 16% in a week and 14% in a month. It is also up a whopping 41% in a year, securing a spot among the growing cryptocurrencies in the market.
On the other hand, the pioneering cryptocurrency, Bitcoin, has managed to reclaim the $60,000 mark, a 5% increase in the past 24 hours. The recent developments in BTC can be attributed to the significant inflow of $193 million in BTC ETF.
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📈 Bitcoin ETF Update!
A net inflow of $193 million was observed in Bitcoin spot ETFs on August 8, with BlackRock's IBIT leading inflows at $158 million. Conversely, Grayscale's GBTC experienced an outflow of $183 million.#BitcoinETFs #BlackRock $IBIT $GBTC pic.twitter.com/vBBiBTmeUe
— Coin Edition: Your Crypto News Edge ️ (@CoinEdition) August 9, 2024
Meanwhile, the ETH ETF inflows are stabilizing at neutral levels. This indicates a potential price increase in the coming weeks, as leverage traders are fully washed out and on-chain metrics are turning bullish.
The worst for #Ethereum is behind us!💪
🔹#ETH ETF flows are stabilizing at neutral levels.
🔹Leverage traders are fully washed out, and on-chain metrics are turning bullish.
🔹All signs point to a potential price increase in the coming weeks.
Stay tuned!📈 pic.twitter.com/2Bew0Xx3Uc
— Leon Waidmann | Onchain Insights🔍 (@LeonWaidmann) August 9, 2024
Ethereum Statistical Data
Based on CoinmarketCap data:
- ETH price now – $2,664
- ETH market cap – $319 billion
- ETH total supply – 120 million
- ETH circulating supply – 120 million
- ETH ranking – #2
Will the ETH Bulls Trigger a Rally?
The Ethereum price is among the cryptocurrencies in the crypto sector that have started recovering from the recent losses. The bulls have hurtled from the $2,123 low, a 26% increase as they have reclaimed the $2,600 mark. Moreover, bulls have established strong support at around $2,409, which is a critical inflexion point to affirm the bullish grip.
Meanwhile, certain key levels would determine Ethereum’s subsequent direction, starting with the resistance formed at $2,715 and 3,139 by the (50-day and 200-day) Simple Moving Average (SMA), respectively. This suggests that a substantial correction should be expected if the bulls will not counter the immediate resistance keys in the coming hours.
On the other hand, the Relative Strength Index (RSI) has its strength at 55, above the 50-mean level. This indicates that the buyers have the upper hand in the ETH market. Increased buying pressure will see the RSI jump to the 70-overbought zone, validating the bullish sentiment.
Notably, momentum would build quickly if buyers would embrace the call to buy ETH from the Moving Average Convergence Divergence (MACD) indicator. This might initiate a rally, with the bulls targeting the $3,000 mark. Meanwhile, the momentum indicator requires traders to confirm that the blue MACD line holds above the signal line(orange) before placing buy orders.
Ethereum Price Prediction
In the 4-hour chart analysis, the buyers have the upper hand and are attempting to reclaim the $3,000 mark. However, with more room for the upside, as shown by the RSI and MACD, the bulls could capitalize on them, initiating a rally.
Currently, all eyes are on two levels: the immediate resistance at $2,715, which might allow buyers to elevate ETH higher toward $3,000 if weakened. The second level is the immediate support at $2,409.This support will confirm that selling pressure is minimal and that bulls can push for more gains. Conversely, if the sellers capitalize on the 50-day and 200-day SMA, which suggests a sell signal, the ETH price could drop. A breach of the $2,409 support level would invalidate the bullish prospects.
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Emmaculate Araka
Emmaculate Araka is a cryptocurrency writer with published works on Crypto2Community and other news sources. She is believer in the transformative power of crypto and the blockchain industry, conducting on-chain analysis, breaking down market-triggering events, and helping traders and investors benefit from expert technical price analysis. Emmaculate finds gratification in diving deep into the crypto space, earning herself significant knowledge and experience. She holds a Bsc. in Information Science, and outside work, Emmaculate loves reading novels and watching documentaries.
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