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More Crypto Online Analysts predict that Ethereum (ETH) could reach $3,600 in the long run. 

According to the analyst, Ethereum has been trading within a defined range, bounded by a red support line and a green resistance line, since April 13th but is now on the verge of a breakout. However, the analyst underscores Ethereum’s deep correction, which challenges the initial assumption on the chart.

According to the analyst, ETH’s corrective structure prompts caution, with a critical breakout point at $3,300. The expert identifies a micro support area between $2,941 and $3,088. Should this area hold, a potential C-wave rally could unfold, targeting $3,624 according to the analyst. However, the analyst states that failure to reach these targets may signal further tests of lower support regions at $2,790, $2,600, and $2,500. Based on current dynamics, some analysts speculate Ethereum could soon hit $4,000 and $3,700 in the short term. 

Ethereum Market Review: Where is ETH Currently?

Looking at on-chain stats, whales are bullish and accumulating ETH, as Lookonchain states that JustinSun withdrew 4,666 $ETH ($14.91M) from Binance again 6 hours ago, having bought 132,054 ETH worth approximately $420M, each ETH at $3,173 since Apr 8. 

Whales are bullish and accumulating $ETH!

0x4359 (possibly #JustinSun) withdrew 4,666 $ETH($14.91M) from #Binance again 6 hours ago and he had bought 132,054 $ETH($420M) at $3,173 since Apr 8. https://t.co/ET5sqAhv9X

Fresh wallet"0x9EB0" withdrew 7,182 $ETH($23.06M) from… pic.twitter.com/NRakiuqNbp

— Lookonchain (@lookonchain) April 23, 2024

On the other hand, analyzing Ethereum charts, we see that the ETH price action is located just above the Ichimoku Cloud, which indicates a potential support area. If the Ethereum price remains above the cloud, it may be considered a bullish signal. On the other hand, the MFI is around 49.75, which is relatively neutral. The ADX is around 15.18, suggesting that there is no strong trend. 

4-hour ETH/USD Charts | Source: TradingView

According to CoinMarketCap, the ETH price is $3,170, up 0.77% for the day. However, the 24-hour trading volume is down 2.67%, which could imply a decrease in trading activity or interest at that time. The neutral position of the MFI and the low ADX value suggest that Ethereum is currently in a consolidation phase without a clear trend direction. However, the price is above the Ichimoku Cloud, suggesting there might be support soon.

Disclaimer

This article is provided for information only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.