Will Ethereum hit the $3,040 mark next?


Ethereum (ETH) has seen a strong price rise recently, reaching its first target of $2,915. With the market showing bullish signs, the Ethereum price could target $3,040 next. However, factors need consideration before confirming continued bullish momentum.

Key Levels to Watch in the Ether Price


As of today, the Ethereum price is in a critical range, with support at $2,780 and resistance at $3,020. If Ethereum breaks below the $2,823 level, followed by $2,755, the bullish momentum could come to a halt. This could lead to a period of downward pressure in the short term, so it’s important for traders to monitor these levels closely.

Currently, the ETH price sits around $2,872 as per Coinpedia Markets, having surged by about 8%. However, it's still significantly below its all-time high of $4,878 from November 2021, which is 42.7% higher than the current value.

Ethereum's Year-to-Date Performance


Ethereum’s performance in 2024 has been fairly solid, showing a year-to-date increase of 23.21%. This growth comes amid broader market movements and a notable development: $9.3 billion worth of ERC-20 stablecoins have recently flowed into major exchanges. This influx, which ranks as the second-largest in history, suggests that more traders and investors are gearing up for future moves in the market.

Here's a breakdown of where this capital is going:

  • Binance: $4.3 billion
  • Coinbase: $3.4 billion
  • Other Smaller Exchanges: The remaining amount has been distributed among other exchanges.

This surge in stablecoin activity could signal a major shift in market sentiment, potentially driving the Ether price higher in the coming weeks.

The View from Veteran Trader Peter Brandt


While the market sentiment surrounding Ethereum is positive, veteran trader Peter Brandt has offered a more critical view. He describes Ethereum as a "completely broken utility coin" due to its complexity and high transaction fees. Despite this criticism, Brandt does recognize the potential for Ethereum and its competitor Solana to see significant price movements, particularly following Bitcoin’s recent all-time high above $75,000.

What’s Next for ETH Coin?

Looking ahead, Ethereum's price will likely depend on how well it holds key support levels and whether the broader market trends continue in favor of cryptocurrencies. The recent influx of stablecoins into major exchanges could support the upward trend, but traders should stay alert to potential price corrections if key levels are breached.

In conclusion, the ETH price prediction remains bullish for the time being, but traders should watch key support and resistance levels. Ethereum’s performance in 2024, along with the $9.3 billion inflow into exchanges, points to a continued positive outlook for ETH coin. However, it’s important to remain cautious and prepared for potential short-term fluctuations in the market.

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