Ethereum Price: What’s Happening With Ethereum; Will It Recover To $4000 Before Halving?
Ethereum price has fallen to the lowest of the week at $3262, with a 6% drop. The Ethereum value has continuously followed a downtrend from the 2nd of March after following the price fall of Bitcoin.
It has a market cap of $398,401,567,957, which also dipped 2% from earlier. In contrast, the trading volume has increased by 31.46% and has a value of $17,452,359,795.
Though Bitcoin price has improved today, Ethereum has failed to do so.
A well-known trader, Peter Brandt has also presented his disappointment with Ethereum. In an X post, he mentioned that he is tired of telling others that ETH is a junk coin and lacks all the fundamental qualities necessary for the long-term success of the token.
I get tired of saying it, but $ETH is a junk coin despite mindless devotion of Etheridiots.
As a store of value it is junk – a $BTC pretender
Its functionality is also junk – difficult to deal with L2s and outrageous gas fees
Of course it will always attract "investors" pic.twitter.com/7KAYMiwsnf— Peter Brandt (@PeterLBrandt) April 4, 2024
It raises the question of what is happening with Ethereum and whether it will recover to the $4000 mark. Let us discuss that in this blog.
Will Ethereum Price Recover Before Bitcoin Halving?
As Bitcoin has a huge impact on the performance of all altcoins, the Bitcoin recent price recovery should be impacting Ethereum in a better way.
Though, the hourly chart of Ethereum reveals a price support around $3200 price. If the buyer can maintain the HODL around that, there is a chance of recovery.
But if the day ended with a value lower than the support, a bearish trend might continue for Ethereum and fall lower to the $3000 mark.
Also Read: 3 Crypto To Sell In April Before Crash
An analyst who goes by El_crypto_prof has presented an interesting chart analysis. According to him, the biggest altcoin season is about to begin, which people have not experienced since 2017. This analysis claims a relationship between ETH and BTC, which has displayed a wedge pattern in this pair.
Technically, such wedge patterns result in bullish situations. Along with mentioning this, El_crypto_prof talked about the power trendline of the wedge, which might result in a bullish breakout.
#Altcoins
ETH/BTC reaches the lower trend line of the falling wedge. We may see a fakeout, but I wouldn't bet on it.
Either way, the whole chart looks pretty exciting.
Biggest Altseason since 2017 is ahead of us imo.
All you need? Patience. pic.twitter.com/yNZlrTufSI
— 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖
(@el_crypto_prof) April 5, 2024
Ethereum Price To Hike Post Halving
Many analysts have put their reputation at stake and have claimed that Ethereum’s price will spike within a few months of Bitcoin halving.
On analyzing the Ethereum price movement during all the previous Bitcoin halving, a price surge was definite in the graphs.
Also Read: Solana Is Outpacing Ethereum This Year: Here’s Why
During the last halving, ETH’s price surged by 106%. At the time of halving, the price was $210, but in the next three months, the price surged to $433.
Along with expressing their excitement for the post-halving price surge, a few have also commented about the price situation if the SEC denied spot Ethereum ETF. Jupiter Zheng, the head of Research Hashkey Capital, says
“If the ETF is denied, it will not be that bearish, as the market is bit pricing in it yet, and we still have Bitcoin ETFs as the entrance for traditional funds”
He also mentioned that the ETF approval will result in a bullish situation, triggering a price surge.
Conclusion
With so much happening, there is a good possibility of Ethereum breaking the last high of $4000 after Bitcoin halving. Ethereum recently made a record of reaching the $4K Mark but missed the ATH. Now, the wait is to see another hike to $4000 once more before surging to a new all-time high. It has to see how Ethereum will move in the next few months.
Read More Trader Turned $100 Crypto Investment Into $8.3 Million In A Week; Here’s How He Did It
The post Ethereum Price: What’s Happening With Ethereum; Will It Recover To $4000 Before Halving? appeared first on CoinGape.
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Ethereum Price: What’s Happening With Ethereum; Will It Recover To $4000 Before Halving?
Ethereum price has fallen to the lowest of the week at $3262, with a 6% drop. The Ethereum value has continuously followed a downtrend from the 2nd of March after following the price fall of Bitcoin.
It has a market cap of $398,401,567,957, which also dipped 2% from earlier. In contrast, the trading volume has increased by 31.46% and has a value of $17,452,359,795.
Though Bitcoin price has improved today, Ethereum has failed to do so.
A well-known trader, Peter Brandt has also presented his disappointment with Ethereum. In an X post, he mentioned that he is tired of telling others that ETH is a junk coin and lacks all the fundamental qualities necessary for the long-term success of the token.
I get tired of saying it, but $ETH is a junk coin despite mindless devotion of Etheridiots.
As a store of value it is junk – a $BTC pretender
Its functionality is also junk – difficult to deal with L2s and outrageous gas fees
Of course it will always attract "investors" pic.twitter.com/7KAYMiwsnf— Peter Brandt (@PeterLBrandt) April 4, 2024
It raises the question of what is happening with Ethereum and whether it will recover to the $4000 mark. Let us discuss that in this blog.
Will Ethereum Price Recover Before Bitcoin Halving?
As Bitcoin has a huge impact on the performance of all altcoins, the Bitcoin recent price recovery should be impacting Ethereum in a better way.
Though, the hourly chart of Ethereum reveals a price support around $3200 price. If the buyer can maintain the HODL around that, there is a chance of recovery.
But if the day ended with a value lower than the support, a bearish trend might continue for Ethereum and fall lower to the $3000 mark.
Also Read: 3 Crypto To Sell In April Before Crash
An analyst who goes by El_crypto_prof has presented an interesting chart analysis. According to him, the biggest altcoin season is about to begin, which people have not experienced since 2017. This analysis claims a relationship between ETH and BTC, which has displayed a wedge pattern in this pair.
Technically, such wedge patterns result in bullish situations. Along with mentioning this, El_crypto_prof talked about the power trendline of the wedge, which might result in a bullish breakout.
#Altcoins
ETH/BTC reaches the lower trend line of the falling wedge. We may see a fakeout, but I wouldn't bet on it.
Either way, the whole chart looks pretty exciting.
Biggest Altseason since 2017 is ahead of us imo.
All you need? Patience. pic.twitter.com/yNZlrTufSI
— 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖
Ethereum Price To Hike Post Halving
Many analysts have put their reputation at stake and have claimed that Ethereum’s price will spike within a few months of Bitcoin halving.
On analyzing the Ethereum price movement during all the previous Bitcoin halving, a price surge was definite in the graphs.
Also Read: Solana Is Outpacing Ethereum This Year: Here’s Why
During the last halving, ETH’s price surged by 106%. At the time of halving, the price was $210, but in the next three months, the price surged to $433.
Along with expressing their excitement for the post-halving price surge, a few have also commented about the price situation if the SEC denied spot Ethereum ETF. Jupiter Zheng, the head of Research Hashkey Capital, says
“If the ETF is denied, it will not be that bearish, as the market is bit pricing in it yet, and we still have Bitcoin ETFs as the entrance for traditional funds”
He also mentioned that the ETF approval will result in a bullish situation, triggering a price surge.
Conclusion
With so much happening, there is a good possibility of Ethereum breaking the last high of $4000 after Bitcoin halving. Ethereum recently made a record of reaching the $4K Mark but missed the ATH. Now, the wait is to see another hike to $4000 once more before surging to a new all-time high. It has to see how Ethereum will move in the next few months.
Read More Trader Turned $100 Crypto Investment Into $8.3 Million In A Week; Here’s How He Did It
The post Ethereum Price: What’s Happening With Ethereum; Will It Recover To $4000 Before Halving? appeared first on CoinGape.
Read More