Ethereum

Satoshi

bullish

Market analysts are eying a potential Ether&nbsp;rally to $3,000, but it may only occur during the fourth quarter of 2024. How soon can Ether overcome the key $2,700 resistance?
<h2 data-ct-non-breakable="true" id="ether-is-setting-up-for-a-q4-breakout-above-3-000">Ether is setting up for a Q4 breakout above $3,000</h2>
The Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>) price appears to be setting up for a price breakout above the $3,000 psychological mark, according to crypto analyst Poseidon, who <a href="https://x.com/CryptoPoseidonn/status/1828785703649685526" target="_blank" rel="noopener nofollow">wrote</a> in an Aug. 28 X post:
<blockquote data-ct-non-breakable="true">
 “Followed the plan, and my longs filled sub $2500. The price tested daily demand, cleaned equal lows and reclaimed back above it. Still early to talk but everything is looking good to send it above $3k.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/a8e109b4-5901-4225-a332-7e976114123c.jpeg" alt="$3K Ethereum price breakout likely delayed until October" title="">
 <figcaption style="text-align: center;">
 ETH/USDT, 1-hour chart. Source: Poseidon
 </figcaption>
</figure>
Other analysts are also expecting a breakout. However, Ether’s price rally may be delayed until the fourth quarter of 2024, according to market analyst Elja Boom.
The analyst <a href="https://x.com/Eljaboom/status/1828731818230636609" target="_blank" rel="noopener nofollow">wrote</a> in an Aug. 28 X post:
<blockquote data-ct-non-breakable="true">
 “ETH is still trading above EMA 50 support level. Price capitulation has happened. Now, the boring phase is going on where price keeps trading within a certain range. I'm still convinced of no breakout before Q4.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/d9f40817-7054-413b-8de4-6f5414a6dce9.jpeg" alt="$3K Ethereum price breakout likely delayed until October" title="">
 <figcaption style="text-align: center;">
 ETH/USD, 1-month chart. Source: Eljaboom
 </figcaption>
</figure>
The 50-day exponential moving average (EMA) is a technical indicator tracking the average price of a financial asset over the past 50 days, often used to determine local support. 
Related: <a href="https://cointelegraph.com/news/bitcoin-green-monthly-close-64-3k">Can Bitcoin get a green monthly close above $64.3K?</a>
In another bullish signal, <a href="https://cointelegraph.com/news/ether-whales-accumulate-540m-price-bottom-nears">Ether whales accumulated 200,000 Ether</a> worth over $540 million in the four days leading up to Aug. 26, <a href="https://x.com/SatoshiSniper_/status/1828169350727229729" target="_blank" rel="noopener nofollow">noted</a>&nbsp;popular analyst Satoshi Sniper in an X post.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/acd38fb5-c827-4919-b3d2-8f27ed7aa462.jpeg" alt="$3K Ethereum price breakout likely delayed until October" title="">
 <figcaption style="text-align: center;">
 Ethereum: Balance by holder value. Source: Satoshi Sniper
 </figcaption>
</figure>
<h2 data-ct-non-breakable="true" id="can-eth-price-overcome-key-2-700-resistance">Can ETH price overcome key $2,700 resistance?</h2>
Ether holds significant resistance around $2,700, which will continue to be a challenge to overcome, according to Aurelie Barthere, principal research analyst at Nansen onchain analytics platform.
The analyst told Cointelegraph:
<blockquote data-ct-non-breakable="true">
 “2.7k is the next resistance level for ETH, and there is not enough evidence that it is broken yet. Because price did not hold above this resistance for long enough and with enough volume.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/680c8951-0249-49af-9622-9564ac864593.png" alt="$3K Ethereum price breakout likely delayed until October" title="">
 <figcaption style="text-align: center;">
 ETH/USD, 1-day chart. Source: Nansen
 </figcaption>
</figure>
A hypothetical Ether rally above $2,700 would liquidate over $481 million worth of cumulative leveraged short positions across all exchanges, <a href="https://www.coinglass.com/pro/futures/LiquidationMap" target="_blank" rel="noopener nofollow">according</a> to CoinGlass data.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/37fbc616-9a26-4f12-98b5-56889ba9e4e8.png" alt="$3K Ethereum price breakout likely delayed until October" title="">
 <figcaption style="text-align: center;">
 ETH exchange liquidation map. Source: CoinGlass
 </figcaption>
</figure>
On the other hand, Ether bears argue that a potential correction to $1,750 is possible, according to pseudonymous trader Mizuhara, who <a href="https://x.com/MizuharaTrades/status/1828696801794519399/photo/1" target="_blank" rel="noopener nofollow">wrote</a> in an Aug. 28 X post:
<blockquote data-ct-non-breakable="true">
 “Either dead cat bounce here or $1,750 next. Short and Easy.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/be153308-dc0e-406f-b97e-9e7caf2cb953.jpeg" alt="$3K Ethereum price breakout likely delayed until October" title="">
 <figcaption style="text-align: center;">
 ETH/USD, 1-day chart. Source: Mizuhara
 </figcaption>
</figure>
A dead cat bounce is trader slang for a temporary price recovery of an asset after a significant correction, followed by more downside.&nbsp;
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.

$3K Ethereum price breakout likely delayed until October

Table of Contents

Cointelegraph

Other articles published on Aug 29, 2024

Ripple Vs. SEC Lawsuit Update: Pro-XRP Attorney Lowers the Agency’s Appeal Chances

Crypto Entrepreneurs To Follow In 2024

Binance to halt Polygon’s MATIC trades for upcoming POL swap, warns users of potential scams

Pepe Coin (PEPE), Shiba Inu (SHIB), MoonTaurus (MNTR): 3 Meme Coins That Will 10x Your Portfolio ...

Crypto.com Launches New Retail Services in UAE, Expands Global Reach

Hamster Kombat (HMSTR) Token Airdrop Set for September 26

Join our free newsletter for daily crypto updates!