Ethereum (ETH) remains steady at the $3,200 support level despite recent market fluctuations. Looking ahead, a crypto expert predicts a bullish trend for ETH in both the short and long term. While other cryptos struggle to see a rebound, Ether could rally further, encouraged by an emerging ascending channel and technical indicators.
Short-Term Ethereum (ETH) Technical Analysis
The ETH price today trades at $3,234, with a 1% decrease in the past 24 hours as the broader crypto market trades sideways. Ethereum’s short-term outlook hints significant volatility and potential upside.
According to the analyst, if the Ethereum price is accepted into this composite value area zone, the next price targets include $3,400, $3,500 & $3,600. In the case of a massively bullish scenario, projections hint at a target of $4,000 in the short term, potentially at the end of January 2025.
The analysis favors a bullish outlook due to the double purge setup. This technical formation features a liquidations of a long position as price crashes. This drop attracts short positions, which are also liquidated as price bounces after tagging key support levels. The double purge previously acted as a strong buy signal, leading to a quick rally to $3,800.
However, rejection at the composite’s lower level, where Ethereum currently trades, could trigger a pullback to two key support levels of $3,100 and $3,000, respectively.
On-chain Data Shows It is a Good Time to Buy ETH
Ethereum’s 30-day MVRV ratio suggests a high probability of a price reversal at current levels. The MVRV ratio has served as a key metric for identifying overbought or oversold conditions in the market. When the ratio aligns with significant support levels, it often signals potential accumulation by large investors.
Supporting this observation, multiple indicators are reportedly converging, reinforcing the likelihood of increased buying activity. These conditions highlight a possible accumulation phase, with analysts pointing to whale activity as a precursor to upward momentum. This aligns with prior market trends where MVRV dips were followed by significant rebounds.
#ETH‘s 30-day MVRV history shows the probability of reversal here is high!
If this isn’t proof enough, three more indicators are in confluence, hinting MASSIVE WHALE ACCUMULATION! pic.twitter.com/smDndpfEYF
— MAXPAIN (@Mangyek0) January 10, 2025
Ethereum’s Long-term Outlook Forecasts Price Could Hit $6,000
Ethereum price trajectory suggests a potential rebound at $2,800, possibly acting as a launchpad for a $6,000 target. Analysts highlight an ascending parallel channel, indicating a critical support zone near $2,800.
If the trend persists, the Ethereum price prediction could see significant upside potential, aligning with bullish market sentiment.
In summary, the Ethereum price is poised for growth, with short-term targets at $3,600 and $4,000 if current levels holds. In the long term, the $6,000 milestone appears achievable, supported by technical setups and ascending trend. With its bullish trend, ETH might see more gain soon.
The post Ethereum (ETH) Price Analysis: Is $6,000 Price Target Possible? appeared first on CoinGape.
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