Featured Image from Unsplash.com, Chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Sentiment for Ethereum (ETH) has reached its lowest levels in a year as the second-largest crypto by market capitalization struggles to reclaim the $4,000 mark. Despite investors\u2019 sentiment, some analysts suggest that the King of altcoins is about to kickstart its bullish run to new highs. Related Reading: Bitcoin Could Peak Between $160,000 And $290,000 If These Historical Patterns Repeat \u2013 Report Ethereum Sentiment Drops To Yearly Low According to crypto analyst Ali Martinez, Ethereum social sentiment has hit a one-year low amid its struggle to turn the $4,000 resistance into support. Per the post, this metric reached its most negative levels since December 18, 2023, when ETH was trading around $2,100-$2,200. The analyst pointed out that this is a \u201cclassic bullish indicator,\u201d noting that when sentiment hit \u201crock bottom\u201d a year ago, ETH\u2019s price rallied around 30% in the following weeks. The cryptocurrency climbed to the $2,700 mark by January 12, a key level in ETH\u2019s rally to the March high of $4,093. If Ethereum followed the same pattern, the cryptocurrency could see a jump to the $4,900-$5,000 price range in the next month, potentially turning the next big resistance level into support in the following two weeks. Martinez explained that the crypto\u2019s rally will resume once ETH clears the $4,100 resistance, a level not seen since December 2021. Once this level is recovered, \u201c$6,000 will become a magnet.\u201d After breaking past the $4,000 mark this month, the second-largest crypto has struggled to turn this level into support. Its latest breakout attempt occurred at the start of the week when Bitcoin (BTC) surpassed its previous ATH. While BTC traded above the $107,000 range, Ethereum surged to $4,100 but quickly retraced to $3,900 before seeing a correction to the $3,800 level. Despite the pullback, ETH still registers gains in the weekly and monthly timeframes, recording a 2.3% and 22.6% increase, respectively. Will ETH Break Past $4,000 This Month? Altcoin Sherpa highlighted that ETH is \u201croughly at the same spot that BTC was at around 70K,\u201d adding that it hasn\u2019t \u201cmaterially broken this level for years.\u201d In the last three years, ETH has been rejected from the $4,000 level several times but ran to its all-time high (ATH) when it was held in 2021. If it were to mirror Bitcoin\u2019s performance, the cryptocurrency could see a run to its $4,800 ATH before aiming for its first price discovery target of around $5,000. The analyst also noted that December and January are the \u201cbest times\u201d for the Altcoin market\u2019s performance. Similarly, Benjamin Cowen previously highlighted that ETH\u2019s pair against BTC is \u201cstill following a familiar pattern\u201d where Ethereum historically finds \u201crenewed strength\u201d between December and January. Related Reading: PNUT Memecoin Drops 10% Following Peanut\u2019s Owner Legal Warning To Binance Nonetheless, Sherpa forecasted that the ETH\/BTC pair would likely see one \u201cfinal shakeout\u201d before going \u201cup for a few weeks\/months.\u201d To achieve this, the token must break past its recent 0.041 high. Trader and analyst Skew warned that breaking past the $4,000 resistance will take \u201ceven more buying pressure\u201d as this price has \u201csome massive seller continuously topping up supply.\u201d Lastly, he stated that holding the $3,800 level was key to continuing the rally. As of this writing, ETH is trading at $3,874, a 2% decline in the daily timeframe. Featured Image from Unsplash.com, Chart from TradingView.com<\/p>\n","protected":false},"author":614,"featured_media":596595,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[428,1119,26263,92978,10923,89756,8323,65296,1946,84307,92729,78803],"class_list":["post-664772","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-bitcoin","tag-btc","tag-crypto-analyst","tag-crypto-bull-run-2024","tag-crypto-market","tag-crypto-trader","tag-eth","tag-ethbtc","tag-ethereum","tag-ethereum-prediction","tag-ethereum-sentiment","tag-ethusdt"],"acf":[],"yoast_head":"\n
Ethereum Sentiment Hits 1-year Low, Analyst Foresees 30% Run<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n