The price of Ethereum (ETH) has rebounded significantly after its recent dip to around $2,400. However, it faces stiff resistance around the $2,700 price level and now consolidates at $2,500. This level has been critical and could determine ETH’s next movement.
Over the past 24 hours, Ether has gained over 2%, trading at $2,577. CoinMarketCap data shows it has declined more than 24.7% in the past 30 days.
Despite the long-term bearish trend, some technical indicators suggest a potential rally ahead. However, Ether must break above the current consolidation phase to confirm an uptrend.
So, can Ether break the resistance, or will bearish pressure force further dips? Let’s explore the possibilities.
Analyst Sees Potential Ethereum Rally Despite Current Weakness
In a recent X post, crypto expert Michael Van De Poppe says ETH is weak but might bounce back soon. Van de Poppe noticed that ETH faced rejection at the 0.046 BTC level.
$ETH is super weak, it remains to be the case.
Rejected at 0.046 BTC and is currently falling towards HTF support areas. There might be a case of a bullish divergence standing up, but then it should be rallying from later this week into next week. pic.twitter.com/liVwA7moSm
— Michaël van de Poppe (@CryptoMichNL) August 28, 2024
Ethereum is approaching critical support areas, and van de Poppe thinks it might form a bullish divergence, which could trigger a price increase later this week or next.
However, the analyst says ETH needs to find support first, which will cushion the downturn and facilitate a rebound.
Another analyst, Javon Marks, is more optimistic about ETH’s price. In his X post, Marks compares ETH to Bitcoin’s recent performance, noting that Ethereum could reach $4,811 or higher if Bitcoin sustains its uptrend.
$BTC (Bitcoin) and $ETH (Ethereum) 🪜:
Bitcoin, currently the most dominant and world-leading cryptocurrency, fulfilled a complete breakout run to it's $67,559 target.
It may be near evident of what's next for ETH, which can be a fulfillment to $4811+, following the 'leader'… pic.twitter.com/zCsAnVhwLa
— JAVON⚡️MARKS (@JavonTM1) August 28, 2024
“Bitcoin climbing even more for ETH’s ‘following’ fulfillment to $4811.6 could result in BTC breaking above $67,559, which opens up $116,000+,” said Marks.
If these predictions come true, Ethereum might push to new all-time highs in the coming weeks. The following technical analysis could provide more insights into Ether’s next trajectory.
ETH Price Analysis: Navigating the Crossroads at $2,500
Ethereum’s price is showing mixed signals. After staying below for a while, it sits around the 20-SMA line (the middle Bollinger Band). This indicates rising buying pressure; if ETH breaks above the middle line, more buying will come, which will confirm the uptrend.
However, the PVT at -9.5K suggests some bearish pressure still exists. ETH is currently at a tricky spot called the R/S flip zone. This was a support level, but now it’s acting as resistance. If ETH can break above this level, it could mean a significant upward move.
Breaking this resistance could open the path to $2,800, a target many traders are watching. Further, the MACD indicator shows rising green bars, which hints that buyers are slowly returning.
What Traders Should Expect?
Based on the above analysis, traders should be cautious but ready for action as the price could go either way. If ETH breaks above the middle Bollinger Band and the R/S flip zone, we might see a rally toward $2,800.
However, if these levels hold as resistance, ETH might fall back. The key is to watch for a clear break in either direction.
While Ethereum shows growth potential, some investors are looking at alternatives. Among the trending meme coin alternatives in the market is Crypto All-Stars ($STARS).
Crypto All-Stars: A 10X Meme Coin with Unique Staking Features
Crypto All-Stars is a new meme coin project introducing a MemeVault, where people can stake different meme coins together.
Crypto All-Stars is catching attention for a few reasons. First, it lets users stake popular meme coins like Dogecoin, Shiba Inu, PepeCoin, and even Floki Inu in one place. When users stake these coins, they earn $STARS as a reward.
The project also offers high staking rewards when users stake their $STARS tokens. Those already staking their coins can earn up to 1,882% APY, a rate which will reduce as more stakers join the platform.
People who buy $STARS now can start staking right away. The more $STARS a user has, the more rewards they can earn. This staking is designed to encourage people to hold $STARS while allowing holders of other memecoins to earn additional rewards.
$STARS staking could act as a deflationary mechanism, helping push the price up over time. Already, people have staked over 434 million $STARS tokens on Crypto All-Stars. The project raised over $847,000 in its presale and is a few inches from reaching its soft cap.
Crypto All-Stars’ native token, $STARS, currently trades at $0.0014135 per token. Unfortunately, this price won’t last long. The presale website shows the price will increase after 48 hours, so now is the best time to buy.
How High Can Crypto All-Stars Grow?
Prominent crypto pundits like ClayBro think Crypto All-Stars could surge significantly once launched. Some say it might surge 100% its current price, while others are more careful but still predict significant gains.
Crypto All-Stars has passed security checks from Coinsult and SolidProof, showing its commitment to security and user safety.
Is Crypto All-Stars worth buying? The crypto market is often erratic and unpredictable, so there’s no telling what the future holds for $STARS. However, its unique staking platform could attract investors, ensuring its relevance in the market.
You can buy $STARS with Ethereum, USDT, BNB, or a credit/debit card. To learn more, join the project’s Telegram or the X platform.
Check out the best crypto presales to invest now
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