Ethereum’s price is setting up for a breakout above the $3,000 mark, but market analysts predict this rally may be postponed until the fourth quarter of 2024. Ether, currently trading around $2,562, faces a key resistance level of $2,700. Until this barrier is overcome, a significant price surge remains unlikely.
Analysts Expect a Q4 Breakout for Ethereum
Crypto analyst Poseidon expressed optimism in an August 28 post on X (formerly Twitter), stating that everything is “looking good” for Ethereum to surpass $3,000. His prediction is based on the cryptocurrency reclaiming support after testing lows below $2,500. However, other experts, such as analyst Elja Boom, anticipate that Ethereum’s breakout will be delayed until Q4 2024. Boom highlighted that Ether is still trading above its 50-day exponential moving average (EMA), indicating ongoing price consolidation without an imminent breakout.
ETH/USDT, 1-hour chart. Source: Poseidon
Ether Whales Accumulating Ahead of Possible Rally
In a bullish signal, whales have accumulated around 200,000 Ether, valued at over $540 million, in the days leading up to August 26, as noted by popular analyst Satoshi Sniper. This accumulation could position the cryptocurrency for a future rally, although immediate price movement remains uncertain.
ETH/USD, 1-month chart. Source: Eljaboom
Resistance at $2,700 Remains a Key Challenge
Aurelie Barthere, principal research analyst at Nansen, emphasized that $2,700 is a critical resistance level for Ether. She noted that the price has yet to hold above this mark with sufficient volume, which will be necessary for a sustained rally. If Ethereum can breach this resistance, it could trigger liquidations of over $481 million in leveraged short positions across multiple exchanges.
Ethereum: Balance by holder value. Source: Satoshi Sniper
On the bearish side, some traders, such as Mizuhara, caution that Ethereum could face a correction down to $1,750 if the current price action is merely a “dead cat bounce” — a temporary recovery followed by more downside.
