Ethereum’s Price Struggle: Can It Break Through Resistance to Reach New Highs?
Ethereum Lags Behind Bitcoin, But Analysts See Potential for Recovery
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Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has recently experienced a downturn, lagging behind other top tokens. Despite this, some analysts believe that Ethereum’s price could rebound if it overcomes critical resistance levels in the coming weeks.
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While Bitcoin (BTC) reached a new two-month high last week, Ethereum has yet to break through a significant resistance level. Daan Crypto Trades, a technical analyst, highlights the importance of Ethereum breaching the $2,800 mark, which coincides with the daily 200 exponential moving average (EMA). This breakthrough could be key to reversing the current downtrend.
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Currently, ETH is trading at $2,611, down over 1% in both the last 24 hours and the past week. This decline contrasts with the gains recorded over the past two weeks (14%) and the past month (4%).
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Bullish Outlook for Ethereum
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Despite the recent price drop, many analysts remain optimistic about Ethereum’s future. Guru Vedas, a market expert, notes that ETH has hit a curve support on its two-hour chart, with support levels between $2,550 and $2,600. He believes that a recovery is likely from this support base.
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Another analyst, known as “Man of Bitcoin,” shares this sentiment, asserting that ETH could continue to rise as long as it stays above $2,560. He identifies key support levels for a larger wave, ranging from $2,539 to $2,351, which are critical for any near-term recovery.
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Adding to the optimism, analyst Ted Pillows observes a similar fractal pattern in Ethereum’s current chart to one seen during its previous bull cycle, which saw prices surge from $1,600 to $4,000. Pillows predicts that ETH could reach between $4,000 and $4,400 by the end of this year, with a potential new all-time high anticipated in the first quarter of 2025 above $4,800.
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Conclusion
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While Ethereum’s price has faced challenges recently, analysts remain optimistic about its potential. Breaking through the $2,800 resistance level could trigger a recovery, potentially leading to a price surge in line with seasonal trends. Whether Ethereum can overcome these challenges and reach new highs remains to be seen, but the potential for growth remains a significant factor for investors.