So, the much-anticipated surge of Ethereum (ETH) to hit $3,000, is estimated to be delayed until the fourth quarter of 2024. Despite having consistent testing of key resistance, Ether experiences distinct challenges around the $2700 mark.
Crypto analyst, Poseidon emphasized that Ethereum has shown resilience. Will ETH take time some time to break the $3,000 threshold, likely until later in the year? The 50-day Exponential Moving Average (EMA) can be a critical factor in sustaining the current levels. Else, it might fall to $1,750!
Other analysts expect macroeconomic factors and general market sentiment to be the reasons for the delay! The broad market remains relatively conservative. The traders will be observing actions in the US Federal funds rate. Similarly, the economic signals across the world may also influence Ethereum.
However, investors must continue to be patient with Ethereum. Here, we expect the fundamental drivers of the Ethereum price to remain firm and positive due to further network upgrades. This will result in increasing usage cases. However, short-term oriented fluctuations together with $250-300 resistance levels may remain a barrier for Ether reaching $3,000 until Q4 of 2024.
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