Ethereum
Rally potential to $4,000?
Ethereum Price Forecast: The crypto market is consolidating after a strong recovery from last week’s price lows. Bitcoin and Ethereum are in the green on Tuesday, recording gains for miners over the past 24 hours. The largest cryptocurrency is holding above the critical $64,000 level, while Ethereum is trading at $3,080.
If the bulls strengthen their grip, crypto prices will consider higher weekly closes. Ethereum needs to clear major hurdles at $3,200 and $3,500 to reach the coveted $4,000 target.
As discussed in the BTC/USD Price Analysis, an increase in the number of put options portends positive sentiment. A breakout to $67,500 could occur this week, with Bitcoin likely to settle above $70,000 before the end of May. According to projections, BTC is poised for a parabolic rally to $100,000 in 2024.
Ethereum Price Forecast: Has ETH Bottomed Against Bitcoin?
The ETHBTC pair changed to $0.04825 during US business hours. This represents an increase of 4.38% from the recent low of $0.04622. The current price level highlights an 8% decline from the April high of $0.05249.
ETHBTC Price Chart | Commercial view
Based on the outlook of the Moving Average Convergence Divergence (MACD) indicator, the path of least resistance is downward, at least for now.
The recent breakout of the pairs below the ascending trendline, as shown in the chart, has increased the bearish grip. Due to the sell signal, further losses are expected, and Ethereum will likely remain depressed compared to Bitcoin.
Traders are likely considering increasing their short exposure by citing the position of ETHBTC according to the three bull market indicators: the 20-day exponential moving average (EMA), the 50-day EMA, and the EMA. 20 days.
Two subsequent death crosses within a four-hour period further aggravate the technical situation. However, potential support zones lie at $0.048 and $0.047. If things go well and selling pressure increases, Ethereum could seek liquidity at levels below $0.046 and $0.045.
Assessing the Fundamental Structure of ETH
In TheBlock IOMAP model reveals potential selling pressure on Ethereum’s recovery path to $4,000. According to the model, the region between $3,075 and $3,166 is the largest seller congestion zone. Around 3.34 million addresses purchased 5.68 million ETH in this range, suggesting potential pressure on the sell side as prices rise.
IOMAP Ethereum Chart
The shrinking of the support, reflected by the small green circles, could spell doom for ETH if potential pressure increases on the sellers’ side.
Nonetheless, a break above the fundamental hurdle could propel Ethereum above the $3,500 resistance, paving the way for a move towards $4,000.
The continued upward trend in the number of newly created addresses, as described by Santiment, is another bullish factor to consider when trading Ethereum. According to the flow on This is also the largest daily record since October 2022.
Statistics of new Ethereum addresses
Although a deceleration in the rate is currently noticeable, with the drop to 115,000 on May 6, the overall outlook remains solidly bullish. The increase in addresses portends an influx of funds into Ethereum, which could potentially spark a rally to $4,000.
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