Ethereum (ETH) Price Eyes $3,000 as Low Selling Fuels Bullish Momentum
08/22/2024 00:30
Ethereum's price is poised for a likely uptrend, driven by potential accumulation from profit-seeking investors.
Ethereum (ETH) price could benefit from investors’ change in outlook as they move from selling to potentially buying.
The indications arise from the drop in realized losses, which were at an 11-month high less than two weeks ago.
Ethereum Investor Confidence Could Be Rising
Ethereum’s price could come back from the lows of $2,500 it is currently hovering around. Consolidated under $2,681, the altcoin king has been looking for a breakout, which could come soon.
The reason behind this is the halt in selling. Looking at the realized losses faced by ETH holders in the last three weeks, it can be noted that the July crash created panic. This led to sudden offloading, resulting in sharp losses.
Read more: How to Invest in Ethereum ETFs?
But this has changed considerably in the last ten days, as the price recovered slightly and reinstated the hope of a rise. This is a bullish sign, and the Market Value to Realized Value (MVRV) ratio further fuels this signal.
If ETH holders move to accumulate from here, Ethereum’s price recovery could gain strength.
ETH Price Prediction: Close to Breaking Out
Ethereum’s price at $2,577 is currently stuck moving sideways between $2,681 and $2,546. This short-term consolidation has been holding ETH for the last two weeks.
However, the aforementioned factors point towards a potential breakout from this consolidation. This breach could send ETH rallying toward the next resistance at $2,930, and a rise above this will push ETH to $3,000. A bounce off this resistance could send Ethereum’s price to $3,300, and reaching this point would signal a complete recovery from the July crash.
Read more: Ethereum (ETH) Price Prediction 2024/2025/2030
However, if Ethereum’s price fails to breach $2,930, it could enter another consolidation above $2,681. Prolonged sideways action could invalidate the short-term bullish thesis.
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Aaryamann Shrivastava is a technical and on-chain analyst at BeInCrypto, where he specializes in market reports on cryptocurrencies from diverse sectors, including Telegram Apps, liquid staking, Layer 1s, meme coins, artificial intelligence (AI), metaverse, internet of things (IoT), Ethereum ecosystem, and Bitcoin. Previously, he conducted market analysis and technical assessments of various altcoins at FXStreet and AMBCrypto, covering all aspects of the crypto industry, including...
Aaryamann Shrivastava is a technical and on-chain analyst at BeInCrypto, where he specializes in market reports on cryptocurrencies from diverse sectors, including Telegram Apps, liquid staking, Layer 1s, meme coins, artificial intelligence (AI), metaverse, internet of things (IoT), Ethereum ecosystem, and Bitcoin. Previously, he conducted market analysis and technical assessments of various altcoins at FXStreet and AMBCrypto, covering all aspects of the crypto industry, including...
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