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Home Ethereum

Ethereum’s ‘failed’ breakout – When will ETH’s price breach $3.5K?

June 30, 2024
in Ethereum
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Ethereum’s ‘failed’ breakout – When will ETH’s price breach $3.5K?
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  • Ethereum’s price dropped by over 3% in the last 7 days
  • A key metric revealed that ETH was undervalued, hinting at a recovery on the charts

Ethereum’s [ETH] price action turned bullish on 28 June, giving investors hope for a recovery from their past losses. Unfortunately, this bullish trend didn’t last for long, as the coin recorded a price correction soon after. This led to both its weekly and daily charts flashing red.

Ethereum faces rejection

After the aforementioned hike in price, ETH’s bears stepped up again and pushed the altcoin’s price down by more than 3%. At the time of writing, the king of altcoins was trading at $3,391.51 with a market capitalization of over $407 billion.

The worst news was that Ethereum got rejected from the upper limit of a bullish wedge pattern in the recent past. As per a tweet from ZAYK Charts, a popular crypto analyst, the token’s price started to consolidate inside the pattern in late May. A successful breakout could have resulted in a 30% price rise, which might have allowed Ethereum to go past $4k. 

Interestingly, a similar pattern had emerged earlier in March, only to break out in May. This allowed the altcoin to hit $3.89k on the charts. However, since ETH got rejected this time, the chances of history repeating itself might be slim. 

Bullish falling wedge pattern on Ethereum's chart

Source: X

Won’t ETH recover?

AMBCrypto then took a closer look at Ethereum’s current state to see whether it would fail to break out of the bullish pattern.

We found that market sentiment around the king of altcoins remained bearish. This was evidenced by the dip in its weighted sentiment after spiking on 28 June. Its network growth also dropped slightly, meaning that fewer addresses were created to transfer the token. 

See also  BlackRock, NYSE push for staked ETH ETFs - Why it matters

READ ALSO

Ethereum Looks Ready To Break Out Of 4-Year Consolidation, Analyst Says Price Will ‘Go Insane’

Binance loses 300K ETH – Here’s what it means for bulls eyeing $2.7K

Ethereum's MVRV ratio increased

Source: Santiment

Nonetheless, a few of the metrics were in favor of a successful breakout.

For example, the MVRV ratio has improved over the last few days, which can be interpreted as a bullish signal.

AMBCrypto’s assessment of Glassnode’s data also revealed that Ethereum’s NVT ratio had declined sharply. A drop in this metric usually means that an asset is undervalued – Implying an incoming price hike. 

ETH's NVT ratio dropped

Source: Glassnode

AMBCrypto then took a look at Hyblock Capital’s data to look for immediate support and resistance levels.

As per our analysis, it would be crucial for ETH to touch and go above the $3.5k-mark in order to sustain a bull rally as liquidations would rise sharply. Generally, a hike in liquidations often results in price corrections on the charts. 


Is your portfolio green? Check out the ETH Profit Calculator 


On the other hand, if bears continue to dominate and ETH’s volatility rises in a southbound direction, then it might fall to $3,060. 

Source: Hyblock Capital

Next: Coinbase’s AVAX update – Identifying whether this will impact altcoin’s price

Tags: 3.5KbreachBreakoutEthereumsETHsFailedPrice

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Memecoin Project Obama6900 (OBX) Joins the Fight Against Malaria with Long-Lasting Insecticidal Nets (LLINs)

Memecoin Project Obama6900 (OBX) Joins the Fight Against Malaria with Long-Lasting Insecticidal Nets (LLINs)

October 28, 2023
Tezos 2023 Outlook: An Overview of Tezos (XTZ)

Tezos 2023 Outlook: An Overview of Tezos (XTZ)

November 2, 2023
UK risks regulating NFTs the wrong way, says Mintable CEO

UK risks regulating NFTs the wrong way, says Mintable CEO

October 30, 2023
How to Earn Keys to Boost Your HMSTR Airdrop

How to Earn Keys to Boost Your HMSTR Airdrop

September 10, 2024
Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

August 3, 2024

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‘Bitcoin’s price can go parabolic and hike by 27% IF these levels…’ – Analyst

‘Bitcoin’s price can go parabolic and hike by 27% IF these levels…’ – Analyst

September 15, 2024
This Week’s NFT Sales Slump 11.66%—Will the Downtrend Turn Around?

This Week’s NFT Sales Slump 11.66%—Will the Downtrend Turn Around?

August 17, 2024
Biden administration’s notorious Bitcoin mining survey halted after legal backlash

Biden administration’s notorious Bitcoin mining survey halted after legal backlash

March 2, 2024
Guild of Guardians to Launch Globally on May 15th

Guild of Guardians to Launch Globally on May 15th

March 22, 2024

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