🕵️♂️Does Ethereum need to break through $2,400 to be "bullish"? Analysts' views revealed!
Recently, Ethereum (ETH) briefly broke through the psychological barrier of $2,000 yesterday, but analysts believe that ETH still needs to break through the key level of $2,400 to truly regain bullish momentum. Although ETH has risen 4.5% in the past week, it still needs to rise more than 20% to reach $2,400.
Other analysts hold similar views. Analyst Ali Martinez pointed out that ETH must break through $2,400 to confirm the bullish trend. Merlijn The Trader believes that ETH has broken through the symmetrical triangle pattern on the 4-hour chart, indicating that "the most annoying rebound is about to break out."
Ted predicts that a short squeeze could quickly push ETH to $3,000. Crypto Caesar also said that ETH may be close to the bottom of the market cycle and may soon usher in a strong uptrend reversal. In addition, CryptoQuant analyst Amr Taha pointed out that more than 150,000 ETH have flowed out of derivatives exchanges in the past two days, which usually indicates that institutional investors are increasing their holdings and is a bullish signal. However, some analysts are cautious about the short-term trend of ETH. Cryptocurrency trader Mags warned that if ETH falls below the meaningless support level, ETH may fall to a range low of $1,060. What's more, if ETH falls below the ascending triangle pattern, the price may fall further to $800. According to SoSoValue data, the US spot ETH ETF has continued to experience net outflows since March 5, and the current total net assets are slightly less than $6.8 billion, accounting for only 2.84% of the total supply of ETH. This shows that institutional confidence in ETH may be weakening. In summary, although ETH ushered in a small increase yesterday, to truly achieve a bullish reversal, it still needs to stand firm at the psychological level of $2,000 and break through the key level of $2,400. At the same time, market uncertainty and potential downside risks cannot be ignored. Will ETH continue to rise in the future, or will it face more downward pressure? We will wait and see.
What do you think? Do you think ETH still has hope of breaking through? Or will there be more room for decline? Leave your opinion in the comment section.
