The cryptocurrency market has been experiencing increased price volatility, leading to a strong pullback in Bitcoin prices over the past 24 hours. Following suit, Ethereum, the second-largest cryptocurrency by market capitalization, has also faced rejection at its key resistance level of $2,800.
For investors looking to capitalize on the upcoming Altseason, it is crucial to understand the short-term price prospects of Ethereum (ETH). Renowned cryptocurrency analyst Michael van de Poppe, with a substantial following of 733.1k, remains highly bullish on the ETH token despite the ongoing correction.
Van de Poppe suggests that even if Ethereum retests its low of $2,500, the market sentiment can still be considered bullish. If the price manages to hold above $2,700, there is a strong possibility of a retest of the $3,000 to $3,200 levels in the near future.
However, recent price action has seen Ethereum facing rejection at the $2,800 resistance level, causing a loss of momentum over the past 48 hours. The cryptocurrency has been trading within a consolidated range of $2,175 to $2,870 since August, indicating weak price action in the longer term. Currently trading at $2,624.61, Ethereum boasts a market capitalization of $315.48 billion.
Technical analysis of the ETH price reveals a bullish convergence of the EMA 50-day in the 1D timeframe, indicating increasing buying pressure. Additionally, the MACD indicator shows a consistent green histogram, suggesting a potential bullish reversal on the horizon.
In the event of a bullish reversal, Ethereum is likely to retest the $2,800 resistance level before potentially reaching its upper price target of $3,000. Conversely, if bearish pressure intensifies, the cryptocurrency could retest support at $2,530 and potentially dip towards the $2,200 level.
For those wondering when Ethereum will hit the $5,000 mark, detailed price predictions for ETH from 2024 to 2030 can provide valuable insights. Overall, while Ethereum faces short-term price challenges, the long-term outlook remains optimistic for this leading altcoin.