🕵️‍♂️Ethereum needs to break through $2400 to be "bullish"? Analyst insights revealed!

Recently, Ethereum (ETH) briefly broke through the psychological barrier of $2000 yesterday, but analysts believe that for ETH to truly regain its bullish momentum, it must break through the key level of $2400. Although ETH has risen 4.5% over the past week, it still needs to increase by more than 20% to reach $2400.

Other analysts share a similar view. Analyst Ali Martinez pointed out that ETH must break through $2400 to confirm a bullish trend. Meanwhile, Merlijn The Trader believes that ETH has already broken through the symmetrical triangle pattern on the 4-hour chart, indicating that "the most annoying rebound is about to explode."

Ted predicts that the short squeeze could quickly push ETH up to $3000. Crypto Caesar also stated that ETH may be nearing the bottom of the market cycle and could soon experience a strong upward trend reversal.

In addition, CryptoQuant analyst Amr Taha pointed out that over 150,000 ETH have flowed out of derivatives exchanges in the past two days, which typically indicates that institutional investors are increasing their holdings, signaling a bullish trend.

However, some analysts are cautious about the short-term trend of ETH. Cryptocurrency trader Mags warns that if ETH falls below a meaningless support level, it could drop to a range low of $1060. Moreover, if ETH breaks below the ascending triangle pattern, the price could further drop to $800.

According to data from SoSoValue, the U.S. spot ETH ETF has seen continuous net outflows since March 5, with total net assets currently slightly below $6.8 billion, accounting for only 2.84% of the total ETH supply. This indicates that institutional confidence in ETH may be waning.

In summary, although ETH experienced a slight increase yesterday, to truly achieve a bullish reversal, it still needs to stabilize above the psychological level of $2000 and break through the key level of $2400.

At the same time, the market's uncertainty and potential downside risks cannot be ignored. In the future, will ETH continue to rise, or will it face more downward pressure? We will wait and see.

What do you think? Do you believe that ETH still has the potential to break through? Or will there be more room for decline? Leave your thoughts in the comments.

#以太坊 #ETH #加密货币 # Analyst Views #ETF