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Is Ethereum ready to surge another 55%? Analyst reveals 'key level': Prepare for a big pump once it breaks through.
Is Ethereum ready to surge 55%?
In the past few days, as Bitcoin ($BTC) continues to reach new highs, the second-ranked Cryptocurrency, Ethereum ($ETH), is also being followed closely.
Looking back at the beginning of 2024, the price of Ethereum hovered below $2,000, rose to $4,000 in April, but the volatile year-end market caused the price of Ethereum to decline steadily in the following months. The prolonged slump even brought Ethereum ($ETH) close to its low point of $2,000.
After a long consolidation period from July to October, Ethereum finally broke through the $3,200 mark in early November. Analysts pointed out that Ethereum is preparing to break the 'descending triangle' on the long-term chart. With the market sentiment becoming more optimistic, it may usher in a crazy rally in the coming months.
Ethereum price trend overview: bullish mode reappears
Analyst Captain Faibik said in his latest tweet that Ethereum ($ETH) is currently moving within the "wedge pattern" formed so far in 2024, and $3,300 is an important resistance level in the short term, and if it can successfully break through this level, it can break the pattern of the descending triangle: "Once the wedge pattern is broken, the party will start!"
Image source: X Captain Faibik's Ethereum price prediction
Wedge patterns usually occur during the consolidation phase, and when the bulls finally break through the resistance line, the price often experiences a strong Rebound.
Captain Faibik predicts that after breaking through the resistance of $3,300, Ethereum will have approximately 55.56% upside potential, targeting a medium-term goal of $5,220, and even potentially reaching $5,450 with bullish sentiment.
The downside risk still exists
It should be noted that, looking at the chart provided by Captain Faibik, in terms of downside, the support for Ethereum is located between $2,780 and $2,900. This area has provided strong support for Ethereum's price pullback many times in the past, and is considered a strong defensive range on the technical side.
Captain Faibik pointed out that as long as the Ethereum price can stay above this support zone, the bullish momentum is expected to continue. However, if it falls below this range, it may trigger a significant pullback, falling to the bottom of the descending triangle at around $2,000.
In summary, if Ethereum successfully breaks the target price of $3,300, it may attract more capital inflows and stimulate a new round of buying; but if it falls below the support level between $2,780 and $2,900, it may further decline.
Investors should not ignore the Fluctuation risk in the Crypto Assets market. It is crucial to observe the changes in short-term key resistance and support points and make judgments on future price trends based on them.
Disclaimer: There are risks in the market, and investments should be made with caution. This article does not constitute investment advice, and users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their specific circumstances. Investing based on this is at your own risk.
The article 'Ethereum is ready to surge another 55%? Analyst reveals 'key points': once it breaks through, get ready for big pump' was first published in 'encryption city'.