Thursday, April 18, 2024

Ethereum Price Hits $3,000 Milestone, Raising Hopes for Altseason Recovery.

The price of Bitcoin (BTC) has been hinting at a decline, the Ethereum (ETH) price’s ability to test a critical milestone for the first time in months is a stunning display of strength. As a result, Ether has avoided the BTC cue, leading investors to wonder if we are seeing the start of another alt season.

Ethereum tests the $3k mark.
On Tuesday, the price of Ethereum (ETH) broke above the psychological $3,000 mark, which was last reached on April 26, 2022, or nearly two years ago. It happens the day after double-digit weekly increases and a rise in open interest for the Proof-of-Stake (PoS) coin helped it surpass BTC.

The price of Ethereum has dropped by 0.78% in the last day, resulting in the liquidation of up to $15.47 million worth of short positions against $20 million worth of long holdings. The difference indicates that most traders took long positions in anticipation of the Ethereum price spike, but because their take profits were larger, their margin accounts were unable to sustain the open positions.

The Relative Strength Index (RSI) is above 70, indicating that the market is currently overbought, which is having a negative impact on the price of ether. Because there is a significant chance of a pullback to the downside in the ETH market, traders wishing to open new long positions should definitely hold off.

Before the next step up, this directional bias may present a buying opportunity for investors who were overlooked or entered the market later, around the $2,689 support level. This would indicate a 10% decline from the present levels.

In a worst-case scenario, the price of Ethereum might drop below the stated mark and test $2,500. Alternatively, ETH might find stability at the crucial $2,388 level.

However, if ETH bulls continue to gain traction, Ethereum’s price may surpass the $3,000 mark and maybe reach the $3,004 area high. The bearish theory would be refuted by a clear candlestick closing above this local top on a daily basis.

Is an alt-season coming?
Meanwhile, speculation is rife that the audacious rise in Ethereum’s price against the consolidation of BTC’s price may herald the beginning of an alt season.

The phrase “alt season” refers to a period of time when investing in altcoins yields higher profits than those of Bitcoin or Ethereum. As a result, altcoins gain market dominance as Bitcoin’s hold on the market diminishes. Additionally, the BlockchainCenter alt-season indicator is pointing more toward the possibility of an altcoin season than a bitcoin season.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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