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Ethereum (ETH) Price Prediction & Analysis: Analysts Eye $10,000-$20,000!
The cryptocurrency market has been under immense pressure since the start of the year, with Ethereum (ETH) being one of the worst performers. However, despite its recent struggles, many analysts are now eyeing a potential recovery for ETH.
Gert van Lagen, a prominent analyst, recently tweeted about the formation of a head-and-shoulders pattern on ETH’s chart. According to his analysis, the left shoulder of this pattern formed from 2021 to 2022, while the head developed during the market downturn in 2022 and 2023, respectively. The right shoulder is reportedly forming in 2024.
The most critical level to watch in this pattern is the neckline at approximately $3,978. A breakthrough above this resistance with strong volume could validate the pattern and potentially push ETH towards an $18,000 target.
Supporting the bullish outlook are CME gaps at $2,623, $2,888, $3,237, and $3,930. These unfilled price gaps on futures charts often act as magnets for price action, potentially drawing ETH towards these levels.
In addition to this technical analysis, Ethereum ETF outflows have been declining since February 26th and reached zero on Monday. A continued decline in outflows could contribute to buying pressure on the market, which would be a positive sign for ETH’s future performance.
Furthermore, data from CoinGlass shows that approximately $701 million worth of short positions would face liquidation if Ethereum hits $2,114. This potential short squeeze could lead to a sharp increase in price as investors are forced to buy back their positions at higher levels.
It’s worth noting that ETH has had one of its most challenging starts to the year, with a year-to-date decline of 43%. This poor performance stands in stark contrast to Bitcoin and XRP, which have seen gains of 23% and 279%, respectively.
Despite the recent struggles, historical data suggests that Ethereum tends to average a 66% surge during the second quarter since 2016.
For now, it seems like ETH has reclaimed its realized price of $2,040, which could be an indication of a bottom forming for the asset.
While short-term challenges persist, many analysts are still optimistic about Ethereum’s long-term prospects. The combination of technical patterns, decreasing ETF outflows, and potential short squeeze could all contribute to a strong recovery in the coming months.
It remains to be seen whether ETH can indeed reach its predicted targets, but one thing is certain: this cryptocurrency continues to be a major player in the digital asset space.
Source: https://coincentral.com/ethereum-eth-price-prediction-analysis-analysts-eye-10000-20000/
