Ethereum

Verge

TL;DR
<ul>
 <li>Ethereum (ETH) dropped under $2,400 but may see a rebound, with predictions ranging from a short-term rise to $3,000 to a new high of $6,000 sometime in 2025.</li>
 <li>Metrics like exchange netflow and RSI point to reduced selling pressure and potential buying opportunities for the asset.</li>
</ul>
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<h2 id="what-could-be-next">What Could be Next?</h2>
Despite not reaching a new all-time high, Ethereum (ETH) witnessed a positive start to 2024, with its price surpassing $4,000 in mid-March. However, it experienced enhanced volatility in the following months, eventually settling at the current $2,400 (per CoinGecko’s data), which represents a 5% decline on a weekly scale.&nbsp;
<figure id="attachment_358051" aria-describedby="caption-attachment-358051" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/09/ETH-Pricee.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="wp-image-358051" src="https://cryptopotato.com/wp-content/uploads/2024/09/ETH-Pricee.png" alt="ETH Price" width="575" height="400" srcset="https://cryptopotato.com/wp-content/uploads/2024/09/ETH-Pricee.png 841w, https://cryptopotato.com/wp-content/uploads/2024/09/ETH-Pricee-300x209.png 300w, https://cryptopotato.com/wp-content/uploads/2024/09/ETH-Pricee-768x534.png 768w, https://cryptopotato.com/wp-content/uploads/2024/09/ETH-Pricee-50x35.png 50w" sizes="(max-width: 575px) 100vw, 575px"></a>
 <figcaption id="caption-attachment-358051" class="wp-caption-text">
 ETH Price, Source: CoinGecko
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</figure>
The asset has been the subject of numerous price predictions recently, with some industry participants forecasting an upward move in the near future. The Cryptomist (an X user with over 130,000 followers) <a class="editor-rtfLink" href="https://x.com/Thecryptomist/status/1831180755902283954" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">claimed</a> that ETH could tumble to $2,330 before heading for a “big breakout” toward $3,000. Recall that the price slipped below that level earlier today (September 4), reaching a local bottom of around $2,318.
X user Yoddha also <a class="editor-rtfLink" href="https://x.com/CryptoYoddha/status/1831261004698894766" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">envisioned</a> good days ahead for the bulls, arguing that “ETH is cooking something big right now.” The analyst believes the token’s price has fallen to a “strong demand” zone, which could be crucial for a potential incoming bounce.
Mags was even more optimistic, <a class="editor-rtfLink" href="https://x.com/thescalpingpro/status/1830870847571030472" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">seeing</a> ETH jump to a new ATH of almost $6,000 in 2025. In their view, the prediction could come true if the price stays above a major upward/sloping trendline or, in other words, does not fall below $2,300.
<h2 id="span-data-preserver-spaces-true-what-are-metrics-suggesting-span">What are Metrics Suggesting?</h2>
Ethereum’s exchange netflow also indicates that the token’s valuation might surge soon. Over the past month, outflows have predominantly <a class="editor-rtfLink" href="https://cryptoquant.com/asset/eth/chart/exchange-flows/exchange-netflow-total?exchange=all_exchange&amp;window=DAY&amp;sma=0&amp;ema=0&amp;priceScale=log&amp;metricScale=linear&amp;chartStyle=column" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">surpassed</a> inflows, with two major red candles observed toward the end of August.
This signals a shift from centralized exchanges toward self-custody methods and could be viewed as a bullish sign since it reduces the immediate selling pressure.
The next indicator we will observe is the Relative Strength Index (RSI). It is a momentum oscillator used to measure the magnitude of recent price changes to evaluate overbought or oversold conditions. The RSI varies from 0 to 100, with readings below 30 suggesting that the asset could be oversold and a potential buying opportunity.
The ratio dipped below that zone at the end of August, currently <a class="editor-rtfLink" href="https://www.cryptowaves.app/relative-strength-index/ETH" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">standing</a> at around 36.
The post <a href="https://cryptopotato.com/is-ethereum-eth-on-the-verge-of-a-big-breakout-analysts-weigh-in/" rel="noopener noreferrer nofollow">Is Ethereum (ETH) on the Verge of a ‘Big Breakout?’ (Analysts Weigh in)</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

Is Ethereum (ETH) on the Verge of a ‘Big Breakout?’ (Analysts Weigh in)

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