Ethereum (ETH) Price Forecast: Key Support Levels and Bearish Scenarios
Ethereum (ETH) Price Forecast:
Ethereum's price is poised for a potential surge as investor sentiment remains optimistic. With nearly $27 billion worth of ETH poised to turn profitable, the coin eyes a bullish rally towards the $3,500 target amid strong support levels.
Ethereum Investors Pine for the Rise
Ethereum's price witnessed considerable losses following wider market cues. Despite this, the altcoin has maintained levels above $3,000, signaling continued investor interest in a potential rally.
- The Global In/Out of the Money (GIOM) indicates a significant supply of ETH bought at lower levels, driving investor anticipation for a bullish move.
- The Net unrealized profit/loss (NUPL) in the Optimism zone suggests potential for price rallies and profitable opportunities for investors.
As ETH looks to bounce back, key support at $2,736 and resistance at $3,376 will determine its near-term trajectory.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.