Ether's price has recently retreated after a sharp rally, creating an opportunity for investors. We examine the current situation and forecasts.
Current Overview of Ether's Price
After reaching a peak of around $3,860, Ether's price dipped below the $3,745 mark, signaling profit-taking from short-term investors. However, demand for the asset remains strong, particularly among large holders.
Price Forecast for Ether
The ETH/USDT trading pair may retrace to the 38.2% Fibonacci level at $3,494. If the price returns to this level, it could indicate a strong entry point for buyers, attempting to push prices toward $4,094. Conversely, if the close is below $3,494, further declines towards $3,381 and $3,234 could occur.
Long-term Prospects and Conclusion
On the four-hour chart, the 20-day EMA has flattened, indicating equilibrium between buyers and sellers. Buyers must push ETH above $3,860 to reignite the rally. If prices fall below the 50-day SMA, there could be renewed selling pressure, leading to declines to around $3,477 or $3,361.
The situation surrounding Ether's price remains volatile, and future movements in the market will depend on the actions of large holders and the overall dynamics of the cryptocurrency market.
