According to Cointelegraph, market analysts expect Ethereum (ETH) prices could break through $3,000 in the fourth quarter of 2024, but first need to overcome the key resistance level of $2,700.
Crypto analyst Poseidon said in an August 28 X post that Ethereum prices are expected to break through the psychological barrier of $3,000, and the price has now risen back above $2,500.
Another analyst, Elja Boom, believes that Ethereum prices will not break out before the fourth quarter of 2024, with prices currently still trading above the 50-day exponential moving average (EMA) support level.
Additionally, analyst Satoshi Sniper noted that Ethereum whales accumulated 200,000 Ethereum worth more than $540 million in the four days before August 26, showing a bullish signal.
Aurelie Barthere, chief research analyst at Nansen Platform, said that there is significant resistance for Ethereum near $2,700, and there is currently not enough evidence to suggest that this resistance has been breached.
According to Coinglass data, if the Ethereum price breaks through $2,700, more than $481 million in leveraged short positions will be liquidated.
On the other hand, trader Mizuhara believes that Ethereum prices could pull back to $1,750, and said in an August 28 post on X that the current price rebound may only be temporary.
