Ethereum (ETH) Could Reach $6K If It Maintains Key Resistance Level: Analyst Insights

Ethereum (ETH) has recently experienced a pullback, following a broader trend in the cryptocurrency market. As of November 1, ETH dropped by 5%, trading around $2,500 with a market capitalization exceeding $300 billion. Despite this dip, some analysts remain optimistic about its potential to reach new heights.

Potential for New All-Time High

Analysts suggest that Ethereum could hit a new all-time high of $6,000 if it successfully holds above the crucial resistance level of $2,400. Notable analyst Ali Martinez emphasized this point, indicating that maintaining this level is vital for bullish momentum.

• Another analyst, known as Poseidon, stated that they would sell their ETH holdings if the price falls below $2,450, signaling a bearish outlook if this threshold is breached. This price point was last seen on October 26.

• CryptoBullet provided a mid-term forecast, predicting a rise to $3,700 within the next two months, citing strong support levels.

Diverging Opinions

While some analysts maintain a bullish perspective, veteran trader Peter Brandt expressed skepticism about an imminent ETH rally. He noted a lack of buy signals on the price chart and mentioned an "unmet target" at $1,551, suggesting potential further declines.

• Several technical indicators currently show sell signals, including various moving averages, which adds to the cautious sentiment among traders.

The future of Ethereum remains uncertain as it navigates critical resistance levels. While some analysts are optimistic about a significant price increase, others warn of potential corrections if key support levels are not maintained.