Ethereum has been struggling lately, but things might be looking up.
Is the Correction Over?
Analyst Alex Clay believes that Ethereum’s recent downturn might be coming to an end. He thinks that if Ethereum can hold above some key technical levels, like the 200-day moving average (MA) and 200-day exponential moving average (EMA), it could start to climb again.
Clay says that if Ethereum breaks above $2,500, it would be a strong signal that the correction is over.
New Targets for Ethereum
Clay has lowered his price target for Ethereum, but he still thinks it has potential. He now sees a mid-term target of $4,000 and a long-term target between $6,255 and $7,942.
Other Analysts See a Bullish Breakout
Other analysts are also optimistic about Ethereum. Anup Dhungana and Captain Faibik have identified a potential bullish breakout pattern on Ethereum’s chart. They believe that Ethereum could rebound from its recent lows and break out of a “falling wedge” pattern, which is often seen as a sign of a bullish reversal.
Captain Faibik predicts that altcoins, including Ethereum, could see a strong recovery in the fourth quarter of 2024. He suggests that investors should be patient, buy some altcoins, and prepare for a potential price surge.
