Ethereum Nears $3,000 But Analysts Warn Of Potential Downside

According to Odaily, Ethereum (ETH) is approaching the significant psychological threshold of $3,000, but analysts caution that there may be more downside before a breakthrough. Technical analyst Mikybull noted that the short-term target price for ETH, based on the daily chart's inverse 'head and shoulders' reversal pattern, is $3,000. This pattern is often used by technical analysts as a signal of a bullish price reversal at the end of a downtrend. Other analysts predict that Ethereum could reach its all-time high in the first quarter of 2025. Cryptocurrency trader Daink shared his technical analysis, suggesting that Ethereum's price could reach $4,000 by the end of the year. In his post on October 17, he wrote, 'The all-time high will appear in the first quarter of 2025, but for now, I believe it will reach $4,000.' An anonymous cryptocurrency analyst, Ignas, attributed Ethereum's price weakness to its losing ground in the Layer 1 (L1) blockchain innovation battle.