Welcome to Extreme Investor Network, where we provide expert analysis and insights into the stock market, trading, and all things Wall Street. Today, we are diving into the world of Ethereum (ETH) and taking a closer look at its price forecast for April 2024.
Despite the bullish sentiment surrounding ETH, there is strong resistance at the $3,750 range. IntoTheBlock’s In/out of the money chart, which categorizes all existing Ethereum investors based on their entry prices, confirms this outlook.
According to the data, 1.08 million addresses hold 431,840 ETH at an average price of $3,735. If these investors decide to take profits early, it could hinder Ethereum from breaking above the $3,750 mark.
However, if the bulls can establish solid support above $3,750, a breakout towards $4,000 could be imminent. This potential rally has been predicted by many analysts in the industry.
On the flip side, in the event of a market downturn, the $3,500 level will become a key support area to monitor in the short term. Failure to hold this support could signal a shift in momentum, with the bears taking control of the market.
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