Could Ethereum reach $3,500 by the end of 2024?
The price of Ethereum is being closely monitored as 2024 comes to a close. According to cryptocurrency experts, the fluctuations of this coin largely depend on key support and resistance levels.
Key levels to note
Analysis from Justin Bennett shows that the $3,540 mark is a crucial point for Ethereum to shift to an optimistic trend. If it fails to surpass this level, Ethereum risks dropping to $2,600, with strong support around $3,000. This could negatively impact investors.
However, if Ethereum regains the $3,540 mark, it will pave the way for more positive signals in 2025.
Expert forecasts and current trends
Analysis from Titan of Crypto, based on the Ichimoku cloud, indicates that Ethereum's correction cycle is hitting a bottom. With strength from the Kumo support line, maintaining the current price level could be a launchpad for the next growth phase.
Notably, Ethereum "whales" have purchased nearly 340,000 ETH, worth $1 billion, in just a few days. This reflects increasing optimism from large investors.
Conclusion
Ethereum is facing significant challenges, but with strong accumulation and positive technical analysis, the potential to reach the $3,500 mark by the end of 2024 cannot be overlooked.