Ether Price Eyes Potential Breakout Above $3,000

According to Cointelegraph, market analysts are predicting a potential rally for Ether (ETH) to reach $3,000, but this may not occur until the fourth quarter of 2024. Crypto analyst Poseidon noted in an Aug. 28 X post that Ether's price is setting up for a breakout above the $3,000 psychological mark. Poseidon mentioned that the price tested daily demand, cleaned equal lows, and reclaimed back above it, indicating a positive outlook for a future rally. Other analysts share this optimistic view but suggest that the rally might be delayed. Market analyst Elja Boom stated in an Aug. 28 X post that Ether is still trading above the 50-day exponential moving average (EMA) support level. Boom believes that while price capitulation has occurred, the current phase is characterized by trading within a certain range, and a breakout is unlikely before the fourth quarter of 2024. In another bullish signal, popular analyst Satoshi Sniper highlighted that Ether whales accumulated 200,000 Ether worth over $540 million in the four days leading up to Aug. 26. This accumulation is seen as a positive indicator for Ether's future price movement. However, Ether faces significant resistance around the $2,700 mark. Aurelie Barthere, principal research analyst at Nansen onchain analytics platform, pointed out that there is not enough evidence that this resistance level has been broken yet. Barthere emphasized that the price did not hold above this resistance for long enough and with sufficient volume. A hypothetical rally above $2,700 would liquidate over $481 million worth of cumulative leveraged short positions across all exchanges, according to Coinglass data. On the other hand, Ether bears argue that a potential correction to $1,750 is possible. Pseudonymous trader Mizuhara suggested in an Aug. 28 X post that either a dead cat bounce or a drop to $1,750 could occur next. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.