Ethereum Price Eyes $3,100 After Bitcoin’s Revival

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As a seasoned researcher with years of experience in the dynamic world of cryptocurrencies, I find myself intrigued by the current Ethereum price trajectory. The sideways movement of the broader market is a familiar sight, but the narrower range traversed by ETH is capturing my attention.

Despite the overall cryptocurrency market trending horizontally for some time, Ethereum‘s price movement seems more confined to a narrower range. For the first occasion in the last 85 days, Ethereum appears to be approaching a breakout from this limited range.

The increased optimism stems from Bitcoin‘s recent climb over $70,000 and approaching its all-time high of $73,949. If Bitcoin manages to successfully break free from its current consolidation phase, it might push Ethereum’s price toward retesting $3,100, which could be the next significant target.

Ethereum Price Likely, Hints MVRV Indicator

Santiment’s 365-day Market Value to Realized Value (MVRV) gauge indicates potential signs of a waning long-term holder accumulation trend. Over the previous 85 days, this metric has fluctuated between a range of -17% and 0.

Investors who purchased Ethereum within the last year are currently experiencing losses, as a negative 365-day MVRV value signifies. At such times, long-term investors tend to stockpile when short-term investors give up. Consequently, significant negative spikes in this value can signal opportunity zones, where swift price recoveries may occur.

In summary, the MVRM (Market Value to Realized Value) indicator after 365 days indicates a possible increase in the price of Ethereum in the upcoming period.

Let’s see what technical analysis has to say about Ethereum price forecast.

ETH Technical Analysis: Ethereum’s Next Logical Target is $3,100 

Looking at its technical structure, it seems that the fluctuations in Ethereum’s price mirror a self-similar pattern. Essentially, we’re observing a repetition of movements that have occurred on two previous occasions. What’s intriguing about these patterns is that they coincided with significant turning points or bottoms in the market cycle. In other words, the uptrend that originated from these points led to new record highs for Ethereum.

From a long-term perspective, the cycle bottom for Ethereum price formed on August 4 at $2,127.

Looking at the immediate future, there’s a possibility that ETH may return to around $3,141, a significant resistance level where a large amount of sell orders were placed previously. This price point was followed by a substantial drop to $2,127. Therefore, reapproaching this level could potentially activate some pending buy orders.

The initial sign of an upward trend might occur when the 50-day and 200-day moving averages are both surpassed. Another indication could be when these moving averages cross over each other. If this pattern emerges alongside a breakout from the 85-day price range, it could potentially drive the price of ETH to $3,141.

If Ethereum’s price doesn’t rise due to a sudden drop in Bitcoin’s value, the 50-day and 200-day moving averages at $2,588 and $2,562 will act as a safety net. A fall below these levels indicates the first sign of the bullish trend weakening or failing.

If the lowest point on October 25 ($2,382) is not maintained as a support level for ETH, it weakens the bullish outlook. This could lead to a decrease in Ethereum’s price to approximately $2,270. In more extreme scenarios, the price of the smart contract token might even fall to around $2,127.

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2024-10-30 17:06