Analysis: Odds of Ethereum price rising to $3,000 “psychological barrier” increase

Odaily Odaily News ETH is about to break through the psychological level of $3,000, but analysts warn that there may be more downside before the breakthrough. Technical analyst Mikybull said, "According to the daily chart, the short-term target price of ETH's reverse "head and shoulders" reversal price pattern is $3,000." Technical analysts use the head and shoulders pattern as a signal formed at the end of a downward trend, marking a bullish price reversal. Other analysts predict that Ethereum's all-time high may appear in the first quarter of 2025. Cryptocurrency trader Daink shared his technical analysis that Ethereum prices are expected to reach $4,000 by the end of the year. He wrote in an October 17 post: "The all-time high will appear in the first quarter of 2025, but I currently think it will reach $4,000." Anonymous cryptocurrency analyst Ignas said that Ethereum's weak price may be due to Ethereum's loss of power in the first layer (L1) blockchain innovation battle. (Cointelegraph)