Ethereum Targets $3,300: Will ETH Rise 50% Versus Bitcoin?
Ethereum is down when writing following yesterday’s contraction. Even though the community is optimistic, citing favorable fundamentals, sellers still control price action. For the Q1 2024 uptrend to be valid, Ethereum needs to close above $3,700 and reverse recent losses. If not, the odds of even more losses remain amplified going forward. Presently, the immediate support level is at $3,300.
Ethereum is down 3% in the last day and week. At the same time, the average trading volume is decent, at just over $20 billion. Traders expect prices to recover, shaking off the current weakness, in the days to come. When this prints out and there is a decisive high-volume breakout above the local resistance levels, participation will likely expand.
Traders should monitor the following Ethereum news:
- Even though Ethereum is tracking lower versus the greenback, analysts are confident of its performance versus Bitcoin. By the end of the year, optimistic traders say ETH could post a 50% spike versus BTC. If this prints out, it would follow the same path as the 2019 to 2021 Bull Run.
- While the mainnet transaction processing speed remains low, scaling successes in layer-2 and 3 solutions have seen the combined TPS rise to all-time highs. This is primarily because of the explosion in processing speeds in Xai, a layer-3 platform.
Ethereum Price Analysis
At press time, ETH/USD is fragile.
The coin is trading below $3,700, slipping yesterday.
Though the June 17 bar had a long lower wick, pointing to strong demand at the tail end of the day, earlier losses today validated bears.
Accordingly, aggressive traders can short on every high, targeting $3,300. This preview aligns with the bear formation set in motion by the June 11 bar.
This outlook will only change when Ethereum soars above $3,700, ideally with expanding trading volume.
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