rewrite this title Ethereum Needs to Break This Key Level For A ‘Bullish Flip’, Analyst Predicts | Bitcoinist.com

After Ethereum (ETH) surged past the psychologically significant $2,000 price level yesterday, its next major price hurdle stands at $2,400. Seasoned crypto analyst Ali Martinez emphasized that ETH must clear this level to regain bullish momentum.

Ethereum Needs To Clear $2,400 To Turn Bullish

Ethereum has climbed nearly 4.5% over the past week, rising from approximately $1,800 on March 13 to $1,992 at the time of writing. However, Martinez points out that despite the recent upward movement, ETH must conquer the $2,400 level to confirm a bullish shift.

While $2,400 remains about 20% away from current price levels, multiple crypto analysts believe ETH could be on the verge of a bullish trend reversal. Crypto analyst Merlijn The Trader highlighted that ETH has broken out of a symmetrical triangle pattern on the 4-hour chart.

The analyst added that ETH’s “most hated rally is about to ignite.” Merlijn’s assessment aligns with fellow analyst Ted, who noted that a short squeeze could rapidly propel ETH to $3,000.

Similarly, in an X post, crypto analyst Crypto Caesar suggested that ETH may be near this market cycle’s bottom and could soon experience a strong upward trend reversal. The analyst shared a chart showing ETH bouncing off a long-standing trendline multiple times since mid-2022.

Further supporting the bullish case, analyst Amr Taha explained in a CryptoQuant Quicktake post that over 150,000 ETH have exited derivatives exchanges in the past two days. Taha noted that such large outflows often signal accumulation by institutional investors – a traditionally bullish indicator.

ETH Threatens Slumping To $1,060

Despite the optimistic signals, some analysts warn that ETH may face more downside before any significant upside move. In an X post, crypto trader Mags suggested ETH could crash to a range low of $1,060 if no meaningful support level holds.

Additionally, other analysts caution that ETH could fall as low as $800 if it breaks down from an ascending triangle pattern. Data from crypto exchange-traded funds (ETF) tracker SoSoValue also indicates waning institutional confidence in ETH.

Notably, US-based spot ETH ETFs have seen continuous net outflows since March 5. As of now, total net assets held in spot ETH ETFs stand slightly above $7 billion, representing approximately 2.8% of ETH’s total supply.

That said, Ethereum’s MVRV Ratio dropping to 0.9 could signal a bullish setup for the digital asset, though such effects typically take time to play out. At press time, ETH trades at $1,992, down 1.7% in the past 24 hours.

Featured Image from Unsplash.com, Charts from X, CryptoQuant and TradingView.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.