Ethereum

Future

Momentum

when

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Ethereum (ETH) could potentially rally by 17% based on historical price performance.</li> 
 <li>If Ethereum fails to hold its current support level, it may drop to $2,600.</li> 
</ul>  
<p>Ethereum’s historical price performance indicates a potential 17% upside rally in the near future. </p> 
<p> However, if Ethereum fails to maintain its current support level, it could decrease to the $2,600 mark. </p> 
<h2 id="market-conditions-and-ethereum-accumulation">Market Conditions and Ethereum Accumulation</h2> 
<p>The cryptocurrency market has been experiencing a downward trend recently. Despite this, some investors and ‘whales’ have been accumulating significant amounts of <a href="https://coineagle.com/price/ethereum/">Ethereum</a> due to its significant price drop. </p> 
<p>A recent post by on-chain analytic firm Lookonchain revealed that a highly accurate trader accumulated 6,424 Ethereum, valued at $19.8 million. </p> 
<h2 id="smart-trading-amid-price-decline">Smart Trading Amid Price Decline</h2> 
<p>Lookonchain reports that this trader took two trading days to accumulate Ethereum during a recent price drop. On August 2nd, when Ethereum experienced a major breakdown of its crucial support level of $3,130, the trader purchased 4,000 Ethereum worth $12.58 million. </p> 
<p>On August 3rd, when Ethereum further declined and hit its next support level of $2,900, the trader added another 2,424 Ethereum worth $7.22 million. </p> 
<p>Since November 21, 2024, this trader has made seven trades, each time making a significant profit. According to Lookonchain data, the trader has made a profit of over $38 million from these trades. </p> 
<p>Despite this accumulation, Ethereum’s price continued to fall. At the time of writing, it was trading near $2,880, experiencing a price decline of 3.5% in the last 24 hours. </p> 
<h2 id="historical-price-momentum-and-future-levels">Historical Price Momentum and Future Levels</h2> 
<p>Historical price momentum suggests that whenever Ethereum hits the support level of $2,900, it usually experiences a significant upside rally. Traders and investors have similar expectations this time around. </p> 
<p>Since April 2024, Ethereum has hit this support level four times, and each time, investors have seen an average of 15%-17% upside move. </p> 
<p>If history repeats itself, Ethereum could potentially soar by 17% and reach the $3,400 mark. However, if Ethereum fails to hold this crucial support level, it could potentially fall to the $2,600 and $2,500 levels. </p>

Ethereum Set to Surge 17%: Promising Forecast Based on Historical Trends

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CoinEagle.com

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