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    Odds of Ethereum price rally to $3K increase, but a few red flags remain

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    Ether’s value could reach $3,000, according to patterns on the daily chart indicating an “inverse head-and-shoulder”. However, a seven-month losing streak, the possibility of facing competition in first-layer blockchain tech, and a relative strength index of 59 suggest a potential short-term dip to $2,400. Some experts predict Ether’s highest price coming in early 2025, potentially hitting $4,000 before the end of 2024.

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    Ether, or ETH, might be getting ready for a serious climb, potentially reaching above $3,000. However, some experts advise there could still be some losses before this upward move.

    ETH’s pricing might be on its way to going over $3,000, based on patterns noticed on the daily chart. An analyst has spotted something known as the “inverse head-and-shoulder” which could suggest a short-term price target of $3,000.

    “Head-and-shoulder” patterns are often used by people who study price trends to predict when a down trend might be about to shift in a positive direction.

    Some people believe that Ether’s highest price ever could happen in early 2025. This would put ETH’s pricing on a path to hit $4,000 before 2024 is up, based on trends spotted by popular digital currency trader Daink.

    However, it’s not all good news – Ether has been on a bit of a losing streak for the last seven months, dropping over 36% from its high of $4,111 in March 2024. Some think this might be because Ether is coming up short against competition in the field of first-layer blockchain tech.

    When it comes to short-term movement, not all traders are convinced that Ethereum is on an upward trajectory. Looking at patterns on the hourly chart, some believe Ether might see a dip to $2,400, according to digital trader Justin Bennet.

    The relative strength index (RSI) for Ether, which measures recent price changes to figure out if something is valued too high or too low, also suggests a possible dip. The RSI is currently at 59, higher than the two-week average of 50. The last time we saw an RSI like this, Ether’s price adjusted downwards over six days.

    Source: Cointelegraph

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