Despite the launch of the Spot Ethereum ETF, Ethereum has not been able to start the anticipated rally and may need more time.
Rally Delayed Until Q4
Cryptocurrency analyst Elja Boom X stated in his post that the ETH rally may be delayed until the fourth quarter of 2024. The analyst pointed out that ETH is currently in the consolidation phase, which is described as a 'boring phase,' and said that there will be no breakout initiating a rally before the fourth quarter.
$2,700: The Major Obstacle
Aurelie Barthere, chief research analyst at Nansen, stated that the biggest hurdle for Ethereum is the resistance level around $2,700. According to Barthere, ETH is facing significant resistance at $2,700, which will continue to be difficult to overcome.
Preparing for a Rise
Finally, an analyst with the pseudonym Poseidon noted that ETH seems to be preparing for a breakout above the psychological level of $3,000.
Ethereum, which has gained 1.2% in the last 24 hours, continues to be traded at $2,560 at the time of writing.
Comments