Ethereum

2024

Future

April

Ethereum (ETH) showed a notable performance throughout March. The second largest cryptocurrency hit $4,000 twice and seemed ready for lift-off to a new all-time high (ATH) while the whole crypto market soared. 
Quarter one (Q1) 2024 closed with important <a href="https://x.com/MacroCRG/status/1774574969545957797?s=20" target="_blank" rel="noopener nofollow">achievements</a> for the crypto community. However, as Q2 started, Bitcoin began a correction that dragged Ethereum and the rest of the crypto market. 
<h2 style="font-weight: 400" id="are-ethereum-bulls-in-problems">Are Ethereum Bulls In Problems?</h2> 
The king of altcoins has registered red numbers for the past two days. ETH’s momentum recovery after the market slowdown was halted after the token followed BTC and the rest of the market. 
On Monday, crypto analyst Ali Martinez <a href="https://x.com/ali_charts/status/1774793622229025079?s=20" target="_blank" rel="noopener nofollow">expressed</a> concerns about Ether’s future. He suggested investors should “always be prepared for the best and the worst” scenario. 
Martinez deemed “breaching the $3,400 support level” as the most brutal scenario for the second-largest cryptocurrency. This move would confirm a bear pennant pattern that formed on the daily chart. 
If confirmed, the bearish formation could trigger ETH’s price to face a “major correction,” according to the analyst. The correction could make Ether’s price dip to $2,800. 
Martinez reaffirmed his analysis after Ethereum <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-drops-3320/" target="_blank" rel="noopener ">continued to dip</a> in the early hours of Tuesday. After the token fell under the support level mentioned above, the analyst asserted that falling under $3,460 was a problem for the bulls. 
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"> 
 <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow">#Ethereum</a> dropping below $3,460 is a problem for the bulls! Given the lack of support, it increases the chances for a further <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow">$ETH</a> correction toward $2,850 or lower. <a href="https://t.co/dFpnpZtBVM" rel="nofollow">pic.twitter.com/dFpnpZtBVM</a> 
 — Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1775034515221602730?ref_src=twsrc%5Etfw" rel="nofollow">April 2, 2024</a>
</blockquote> 
“Given the lack of support,” failing to regain this support zone could trigger further corrections for ETH that could go even lower than the previously forecasted $2,800. 
According to the In/Out of the Money Around Price (IOMAP) chart shared by Martinez, Ethereum shows a potential price support between $2,846 and $2,905, with over 1.64 million ETH bought by 1.99 million addresses at this level. 
Nonetheless, the chart also displays that an ETH rally could face resistance at $3,457 and $3,557. 
<h2 style="font-weight: 400" id="eth-s-follows-bitcoin-s-correction">ETH’s Follows Bitcoin’s Correction</h2> 
Ethereum behaved no differently than the rest of the crypto market. <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-dumped-to-66k/" target="_blank" rel="noopener ">Bitcoin’s correction</a> saw its price drop from the $70,000 mark to hover between the $65,000-$64,000 price range. 
The flagship cryptocurrency shredded 7.1% of its price in the last 24 hours. Similarly, Ethereum’s red numbers show a 7.4% drop from yesterday and a 7.5% decrease on Monday. 
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"> 
 April fools shakeout to start the quarter. 
 Time to get to work. Let's get this bread boys <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f91d.png" alt="🤝" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/0458Qvrr4F" rel="nofollow">pic.twitter.com/0458Qvrr4F</a> 
 — Jelle (@CryptoJelleNL) <a href="https://twitter.com/CryptoJelleNL/status/1774878275522687301?ref_src=twsrc%5Etfw" rel="nofollow">April 1, 2024</a>
</blockquote> 
In the weekly and monthly timeframes, the king of altcoins has decreased by 9.2% and 3.4%. &nbsp;However, its 3-month chart shows green numbers, with a positive 39.74% increase since 2024 started. 
Despite the negative performance, <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-stays-bullish-3550/" target="_blank" rel="noopener ">Ethereum’s</a> daily trading volume increased a remarkable 80.80%, with over $22.5 billion traded in the last 24 hours, suggesting a rise in market activity. At the time of writing, ETH was trading at $3,283. 
<img loading="lazy" decoding="async" class="size-large wp-image-601046 aligncenter" src="https://www.newsbtc.com/wp-content/uploads/2024/04/ETHUSDT_2024-04-02_07-30-03.png?w=860&amp;resize=860%2C433" alt="ETH, ETHUSDT, EThereum, crypto, crypto analyst" width="860" height="433" srcset="https://www.newsbtc.com/wp-content/uploads/2024/04/ETHUSDT_2024-04-02_07-30-03.png?w=1022 1022w, https://www.newsbtc.com/wp-content/uploads/2024/04/ETHUSDT_2024-04-02_07-30-03.png?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/04/ETHUSDT_2024-04-02_07-30-03.png?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/04/ETHUSDT_2024-04-02_07-30-03.png?w=860&amp;resize=860%2C433 860w, https://www.newsbtc.com/wp-content/uploads/2024/04/ETHUSDT_2024-04-02_07-30-03.png?w=360 360w, https://www.newsbtc.com/wp-content/uploads/2024/04/ETHUSDT_2024-04-02_07-30-03.png?w=750 750w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1">

Is Ethereum In Danger? Analyst Warns Of Bearish Future If ETH Drops Below This Level

Daftar Isi

NewsBTC

Artikel lain yang dipublikasikan pada 2 Apr 2024

Top Trending Meme Coins to Watch Out for in the Upcoming Weeks of April 2024

Solana killer’ Rallies 500% After Announcing New ‘Black Account’ Feature, Token Currently Priced ...

Cega Unveils Groundbreaking Gold-Linked Options Product for DeFi Space Offering Up To 83% APY (2 ...

Bitcoin’s price crashes to $66K: Blame the halving or something else?

Paradigm targets $850m crypto fundraiser

MEME Price Breakout Teases 50% Rally This Week

Bergabunglah dengan buletin gratis kami untuk pembaruan kripto harian!