Despite the launch of the Spot Ethereum ETF, Ethereum could not start the expected rally and may need some more time.
Ethereum Rally Could Extend to Fourth Quarter!
Cryptocurrency analyst Elja Boom X stated in his post on his account that the ETH rally may be delayed until the fourth quarter of 2024.
Accordingly, the analyst pointed out that ETH is currently in the consolidation phase, which is described as a boring phase, and said that there will be no breakout that will start a rally before the fourth quarter.
“ETH is trading above the EMA 50 support level. Price capitulation has occurred. Now the boring phase continues where the price continues to trade in a certain range. I am convinced that a breakout will not happen before Q4.”
The Biggest Obstacle for Ethereum is $2,700!
Aurelie Barthere, chief research analyst at Nansen, stated that the biggest hurdle for Ethereum is the resistance level located around $2,700.
According to Barthere, ETH is facing significant resistance at $2,700, which will continue to be difficult to overcome.
“The $2,700 level is the next resistance level for ETH and there is not enough evidence to prove it has been broken yet because the price was not able to hold above this resistance long enough and with enough volume.”
Ethereum May Be Preparing for a Rise!
Finally, an analyst with the pseudonym Poseidon noted that ETH seems to be preparing for a breakout above the psychological level of $3,000.
“The price tested the daily demand, cleared the even lows and went above it again. It is still early to tell but everything looks good for ETH price to rise above $3,000.”
Ethereum, which has gained 1.2% in the last 24 hours, continues to be traded at $2,560 at the time of writing.
*This is not investment advice.
