Many analysts predict Ethereum price trend, challenging the psychological barrier of $3,000 in the short term

BlockBeats news, on October 18, according to Cointelegraph, several analysts made predictions about the price trend of Ethereum. Ethereum is preparing to rebound above the psychological level of $3,000, but some analysts warn that Ethereum may have more potential downside before breaking through.

Technical analyst Mikybull said, "According to the daily chart, the short-term target price of ETH's reverse "head and shoulders" reversal price pattern is $3,000." Technical analysts use the head and shoulders pattern as a signal formed at the end of a downward trend, marking a bullish price reversal. Other analysts predict that Ethereum's all-time high may occur in the first quarter of 2025. Crypto trader Daink shared his technical analysis that Ethereum prices are expected to reach $4,000 by the end of the year, writing in an Oct. 17 post: "The all-time high will come in the first quarter of 2025, but currently I think it will reach $4,000 first." Anonymous crypto analyst Ignas said that Ethereum's price weakness may be due to Ethereum losing ground in the battle of first-layer (L1) blockchain innovation.

Not all traders are optimistic about the short-term trend of Ethereum prices. Crypto trader Justin Bennet said that technical patterns on the one-hour chart indicate that ETH may pull back to $2,400. "This is not a pattern I trade, but ETH may be forming a diamond reversal pattern. If the price closes below the support level, the target price is $2,485." Ethereum's relative strength index (RSI) also indicates a potential price pullback. Ethereum's RSI on the daily chart is at 59, above its 14-day moving average of 50. According to Coinbase data, the last time Ethereum's RSI rose to 60, Ethereum prices experienced a six-day correction, with the RSI bottoming at 39, and Ethereum bottomed at $2,309 on October 24. RSI is a popular momentum indicator used to measure whether an asset is oversold or overbought based on the magnitude of recent price changes.