TechFlow news, October 18 — According to Cointelegraph, ETH is approaching the psychological resistance level of $3,000, but analysts warn there could be further downside before a breakout.
Technical analyst Mikybull stated, "Based on the daily chart, the short-term target price for ETH's inverse 'head and shoulders' reversal pattern is $3,000." Technical analysts use head and shoulders patterns as signals that form when a downtrend ends, indicating a bullish price reversal. Other analysts predict Ethereum’s all-time high may occur in the first quarter of 2025.
Crypto trader Daink shared his technical analysis, projecting ETH could reach $4,000 by year-end. In a post dated October 17, he wrote: "A new all-time high will likely happen in Q1 2025, but currently I believe we'll hit $4,000."
Anonymous crypto analyst Ignas suggested Ethereum’s price weakness might stem from its loss of momentum in the Layer 1 (L1) blockchain innovation race.
