Ethereum Anticipates a ‘Final Decline’ Under $2.5K – Could This Serve as a Springboard for a New Record High?

Despite its recent decline, the price of Ethereum appears to have stabilized today, showing an increase of just 0.1%.

This minor rise follows a week marked by considerable volatility, during which a false reversal ultimately resulted in a 2.24% drop.

While the sentiment of ‘Uptober’ gained traction towards the end of the month, November seems to be pulling Ethereum back.

Nevertheless, amid this potential final entry point, traders seem to be increasingly active with Ethereum. The trading volume for the altcoin has risen by 19%, reaching $14.5 billion.

Ethereum Price Amidst ‘Final Dip’ – Is an All-Time High Next?

In a recent series of posts on X, the influential pseudonymous trader Poseidon encouraged his followers “not to hesitate” as Ethereum fell below the $2500 mark, suggesting it is a bear trap.

The trader perceives the dip as a buying opportunity and a minor deviation from Ethereum’s trajectory towards “ultimately breaking to the upside.”

This perspective aligns with technical indicators that suggest an imminent breakout from the multi-month downtrend Ethereum has been experiencing.

ETH / USDT 1W chart, Ascending triangle pattern within descending channel. Source: Binance.

As the price of Ethereum currently struggles to maintain the bottom support of a bullish ascending triangle pattern, Poseidon’s expectation of a bottom appears plausible.

If this indeed represents the final dip, a successful rebound would lead to a retest of its upper resistance, a bullish breakout, and a departure from the consolidation Ethereum has been experiencing since August.

This scenario seems increasingly likely as the MACD line approaches a crossover above the signal line, a movement that typically coincides with significant increases in the price of Ethereum.

However, obstacles remain, particularly the upper resistance of the descending channel that has kept Ethereum in a downtrend since March.

While the 200SMA has provided robust support during the recent consolidation, the 50SMA continues to act as a stubborn resistance level. Surpassing it around $2,930 will likely be crucial for confirming a breakout from the triangle.

If the pattern unfolds as anticipated, a conservative price target of $3,400 appears feasible by the end of the year. However, Poseidon suggests a much higher target, aiming for $10,000 as 2025 approaches.

Retirement trade, but you won’t believe me.$ETH pic.twitter.com/SuQ7Nm5kCy

— Poseidon (@CryptoPoseidonn) November 4, 2024

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The post Ethereum Eyes ‘Final Dip’ Below $2.5K – Will This Be the Launchpad for a New All-Time High? appeared first on Cryptonews.